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ios Corporation reports costs for the year as​ follows: Direct Materials Used $ 385 comma 000 Wages to Line Workers 165 comma 000 Office Rent 67 comma 000 Indirect Materials Used 330 comma 000 How much is the total product costs for the​ year? A. $ 880 comma 000 B. $ 330 comma 000 C. $ 550 comma 000 D. $ 947 comma 000

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Answer:

The answer is A. 880,000.

Explanation:

The product cost for the year = sum of Ios Corporation’s report cost for the following individual categories for the year = cost of Direct Material used + cost of Wages to Line workers + cost of Indirect Materials used.

Note that the cost of office rent will not be part of the product cost; therefore, the total product cost for the year = $385,000 + $165,000 + $330,000 = $880,000.

The total product cost = $880,000.

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