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Cullumber Company's accounting records reflect the following inventories: Dec. 31, 2022 Dec. 31, 2021 Raw materials inventory $310000 $260000 Work in process inventory 300000 160000 Finished goods inventory 200000 150000 During 2022, $720000 of raw materials were purchased, direct labor costs amounted to $501000, and manufacturing ove incurred was $560000. (Assume that all raw materials used were direct materials.)

Cullumber Company's accounting records reflect the following inventories: Dec. 31, 2022 Dec. 31, 2021 Raw materials inventory $310000 $260000 Work in process inventory 300000 160000 Finished goods inventory 200000 150000 During 2022, $720000 of raw materials were purchased, direct labor costs amounted to $501000, and manufacturing ove incurred was $560000. (Assume that all raw materials used were direct materials.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cullumber Company's accounting records reflect the following inventories: Dec. 31, 2022 Dec. 31, 2021 Raw materials inventory $310000 $260000 Work in process inventory 300000 160000 Finished goods inventory 200000 150000 During 2022, $720000 of raw materials were purchased, direct labor costs amounted to $501000, and manufacturing overhead incurred was $560000. (Assume that all raw materials used were direct materials.) If Cullumber Company's cost of goods manufactured for 2022 amounted to $1591000, its cost of goods sold for the year is O $1451000. O $1541000. O $1641000. O $1691000. Save for Later Attempts: 0 of 1 used Submit Answer
Transcribed Image Text:Cullumber Company's accounting records reflect the following inventories: Dec. 31, 2022 Dec. 31, 2021 Raw materials inventory $310000 $260000 Work in process inventory 300000 160000 Finished goods inventory 200000 150000 During 2022, $720000 of raw materials were purchased, direct labor costs amounted to $501000, and manufacturing overhead incurred was $560000. (Assume that all raw materials used were direct materials.) If Cullumber Company's cost of goods manufactured for 2022 amounted to $1591000, its cost of goods sold for the year is O $1451000. O $1541000. O $1641000. O $1691000. Save for Later Attempts: 0 of 1 used Submit Answer
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