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Nutella produces a single product - its signature hazelnut spread. Because it mass produces this...

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Accounting

Nutella produces a single product - its signature hazelnut spread. Because it mass produces this product in identical batches, the company relies on a weighted-average process costing method to assign costs to inventory accounts.
Its beginning work-in-process inventory has 200,000 jars. Each jar was 25% complete with regards to conversion costs and 40% complete with regards to direct materials. These units have $180,000 worth of direct materials and $62,000 worth of conversion costs as of the beginning of the year.
During the year, the company added $673,000 of direct materials and $400,000 of conversion costs to its manufacturing process. It finished 580,000 jars of Nutella. It ended the year with 263,000 jars left in process, 70% complete with respect to direct materials and 60% complete with respect to conversion costs.
Required:
What is the total cost of the finished goods from this period?

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