How much raw materials were transferred Bey Manufacturing's accounting records reflect the followinginventories:InventoryDec. 31, 2021Dec. 31, 2022Raw materials inventory$95,000$78,000$135,000$98,000Work in process inventory $120,000Finished goods inventory $110,000During 2022, Bey Manufacturing purchased $1,600,000 of rawmaterials, incurred direct labor costs of $280,000, andincurred manufacturing overhead totaling $190,000. Howmuch raw materials were transferred to production during2022 for Bey Manufacturing?

Explanation of Raw Materials Transferred to Production:Raw materials transferred to production refer…

Answered: Bey Manufacturing's accounting records…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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How much raw materials were transferred?
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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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