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Ogleby Inc.'s accounting records reflect the following inventories:                                                Dec. 31, 2018                Dec. 31, 2019 Raw materials inventory           $120,000                     $  96,000 Work in process inventory          156,000                       174,000 Finished goods inventory            150,000                       138,000   During 2019, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2019? (hint: use T-accounts to solve) Group of answer choices $1,397,000 $1,229,000 $1,391,000 $1,385,000

Ogleby Inc.'s accounting records reflect the following inventories:                                                Dec. 31, 2018                Dec. 31, 2019 Raw materials inventory           $120,000                     $  96,000 Work in process inventory          156,000                       174,000 Finished goods inventory            150,000                       138,000   During 2019, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2019? (hint: use T-accounts to solve) Group of answer choices $1,397,000 $1,229,000 $1,391,000 $1,385,000

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:

                                               Dec. 31, 2018                Dec. 31, 2019

Raw materials inventory           $120,000                     $  96,000

Work in process inventory          156,000                       174,000

Finished goods inventory            150,000                       138,000

 

During 2019, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000.

How much would Ogleby Manufacturing report as cost of goods manufactured for 2019? (hint: use T-accounts to solve)

Group of answer choices
$1,397,000
$1,229,000
$1,391,000
$1,385,000
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