BrightTech Industries reported the following inventory balances: Inventory Type Raw Materials Inventory $110,000 Dec. 31, 2022 Dec. 31, 2023 $95,000 Work-in-Process (WIP) $140,000 Finished Goods $135,000 $165,000 $125,000 During 2023, BrightTech: Purchased $790,000 of raw materials • • Incurred $180,000 of direct labor • Incurred $210,000 of manufacturing overhead What is the Cost of Goods Manufactured (COGM) for 2023?

BrightTech Industries reported the following inventory balances: Inventory Type Raw Materials Inventory $110,000 Dec. 31, 2022 Dec. 31, 2023 $95,000 Work-in-Process (WIP) $140,000 Finished Goods $135,000 $165,000 $125,000 During 2023, BrightTech: Purchased $790,000 of raw materials • • Incurred $180,000 of direct labor • Incurred $210,000 of manufacturing overhead What is the Cost of Goods Manufactured (COGM) for 2023?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 70APSA: Inventory Costing and LCM Ortman Enterprises sells a chemical used in various manufacturing...

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