Benson Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 Raw materials inventory - $80,000 Work in process inventory - $104,000 Finished goods inventory - $100,000 Dec. 31, 2017 Raw materials inventory - $64,000 Work in process inventory - $116,000 Finished goods inventory - $92,000 During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much raw materials were transferred to production during 2017 for Benson? A) $1,466,000 B) $1,434,000 C) $1,450,000 D) $1,386,000

Benson Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 Raw materials inventory - $80,000 Work in process inventory - $104,000 Finished goods inventory - $100,000 Dec. 31, 2017 Raw materials inventory - $64,000 Work in process inventory - $116,000 Finished goods inventory - $92,000 During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much raw materials were transferred to production during 2017 for Benson? A) $1,466,000 B) $1,434,000 C) $1,450,000 D) $1,386,000

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...

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Benson Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 $ 80,000 Dec. 31, 2017 $ 64,000 Raw materials inventory Work in process 104,000 116,000 inventory Finished goods inventory 100,000 92,000 During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. Assume Benson's cost of goods manufactured for 2017 amounted to $1,660,000. How much would it report as cost of goods sold for the year? O a) $1,760,000 b) $1,668,000 c) $1,568,000 d) $1,652,000
Benson Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 Dec. 31, 2017 Raw materials inventory $ 80,000 $ 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000.How much raw materials were transferred to production during 2017 for Benson? Select one: A. $1,386,000 B. $1,450,000 C. $1,466,000 D. $1,434,000
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Ogleby Inc's accounting records reflect the following inventories: Dec. 31. 2016 T Dec 31, 2017 Raw materials inventory $120,000 $96.000 Work in process inventory 156,000 174,000 Finished goods inventory 138.000 150,000 During 2017, Ogleby purchased $890,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much is total manufacturing costs incurred during 2017 for Ogleby? $1,403,000 $1,313,000 $1,385,000 $1,379,000
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. Pan Company's accounting records reflect the following inventories: Dec. 31, 2016 $260,000 160,000 150,000 Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2017 $310,000 300,000 190,000 During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. The total raw materials available for use during 2017 for Pan Company is
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Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2018 Dec. 31, 2019 Raw materials inventory $120,000 $ 96,000 Work in process inventory 156,000 174,000 Finished goods inventory 150,000 138,000 During 2019, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2019? (hint: use T-accounts to solve) Group of answer choices $1,397,000 $1,229,000 $1,391,000 $1,385,000
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Dawson manufacturing companys accounting records reflect the following inventories