Kunis Industries' accounting records reflect the following inventories: Inventory Type Raw materials inventory Dec. 31, 2023 Dec. 31, 2022 $325,000 Work in process inventory $390,000 $275,000 $210,000 During 2023, $520,000 of raw materials were purchased, direct labor costs amounted to $615,000, and manufacturing overhead incurred was $580,000. Using this information, calculate Kunis Industries' total cost of goods manufactured (COGM) for 2023.
Kunis Industries' accounting records reflect the following inventories: Inventory Type Raw materials inventory Dec. 31, 2023 Dec. 31, 2022 $325,000 Work in process inventory $390,000 $275,000 $210,000 During 2023, $520,000 of raw materials were purchased, direct labor costs amounted to $615,000, and manufacturing overhead incurred was $580,000. Using this information, calculate Kunis Industries' total cost of goods manufactured (COGM) for 2023.
Chapter5: Process Costing
Section: Chapter Questions
Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...
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Question
Calculate total cost of goods manufactured
Transcribed Image Text:Kunis Industries' accounting records reflect the following
inventories:
Inventory Type
Raw materials inventory
Dec. 31, 2023 Dec. 31, 2022
$325,000
Work in process inventory $390,000
$275,000
$210,000
During 2023, $520,000 of raw materials were purchased, direct
labor costs amounted to $615,000, and manufacturing
overhead incurred was $580,000.
Using this information, calculate Kunis Industries' total cost of
goods manufactured (COGM) for 2023.
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