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Ogleby Inc.'s accounting records reflect the following inventories: 12/31/19 12/31/20 Raw materials inventory $150,000 $120,000 Work in process inventory $195,000 $217,500 Finished goods inventory $187,500 $172,500 During 2020, Ogleby purchased $1,225,000 of raw materials, incurred direct labor costs of $218,750, and incurred manufacturing overhead totaling $280,000. How much would Ogleby Manufacturing report as the cost of goods manufactured for 2020? a. $1,768,750 b. $1,746,250 c. $1,731,250 d. $1,536,250

Ogleby Inc.'s accounting records reflect the following inventories: 12/31/19 12/31/20 Raw materials inventory $150,000 $120,000 Work in process inventory $195,000 $217,500 Finished goods inventory $187,500 $172,500 During 2020, Ogleby purchased $1,225,000 of raw materials, incurred direct labor costs of $218,750, and incurred manufacturing overhead totaling $280,000. How much would Ogleby Manufacturing report as the cost of goods manufactured for 2020? a. $1,768,750 b. $1,746,250 c. $1,731,250 d. $1,536,250

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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Ogleby Inc.'s accounting records reflect the following inventories: 12/31/19 12/31/20 Raw materials inventory $150,000 $120,000 Work in process inventory $195,000 $217,500 Finished goods inventory $187,500 $172,500 During 2020, Ogleby purchased $1,225,000 of raw materials, incurred direct labor costs of $218,750, and incurred manufacturing overhead totaling $280,000. How much would Ogleby Manufacturing report as the cost of goods manufactured for 2020? a. $1,768,750 b. $1,746,250 c. $1,731,250 d. $1,536,250
Transcribed Image Text:Ogleby Inc.'s accounting records reflect the following inventories: 12/31/19 12/31/20 Raw materials inventory $150,000 $120,000 Work in process inventory $195,000 $217,500 Finished goods inventory $187,500 $172,500 During 2020, Ogleby purchased $1,225,000 of raw materials, incurred direct labor costs of $218,750, and incurred manufacturing overhead totaling $280,000. How much would Ogleby Manufacturing report as the cost of goods manufactured for 2020? a. $1,768,750 b. $1,746,250 c. $1,731,250 d. $1,536,250
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