Greenfield Inc.'s accounting records reflect the following inventories: Inventory Dec. 31, 2012 Dec. 31, 2013 Raw materials inventory $140,000 Work in process inventory $180,000 $110,000 $210,000 Finished goods inventory $160,000 $150,000 During 2013, Greenfield purchased $900,000 of raw materials, incurred direct labor costs of $170,000, and incurred manufacturing overhead totaling $220,000. How much would Greenfield Manufacturing report as the cost of goods manufactured for 2013?

Greenfield Inc.'s accounting records reflect the following inventories: Inventory Dec. 31, 2012 Dec. 31, 2013 Raw materials inventory $140,000 Work in process inventory $180,000 $110,000 $210,000 Finished goods inventory $160,000 $150,000 During 2013, Greenfield purchased $900,000 of raw materials, incurred direct labor costs of $170,000, and incurred manufacturing overhead totaling $220,000. How much would Greenfield Manufacturing report as the cost of goods manufactured for 2013?

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
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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At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory - DR 2,000 FG Inventory - DR 8,000 ( All T accounts) During the year the following transactions took place: Direct materials placed in production $80,000Direct labor incurred $190,00Manufacturing OH incurred $300,000Manufacturing OH allocated to production $295,000Costs of jobs completed $500,000Selling price of jobs sold $750,000Cost of jobs sold $440,000 After recording all these transaction the adjusted cost of goods sold account is: A) Debit of $445,000B) Debit of $440,000C) Credit of $445,000D) Debit of $435,000
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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