Ogleby Inc.'s accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2012 Dec. 31, 2013 $120,000 156,000 150,000 $96,000 174,000 138,000 During 2013, Ogleby purchased $840,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000. How much would Ogleby Manufacturing report as the cost of goods manufactured for 2013? a. $1,164,000 b. $1,224,000 c. $1,218,000 d. $1,188,000

Ogleby Inc.'s accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2012 Dec. 31, 2013 $120,000 156,000 150,000 $96,000 174,000 138,000 During 2013, Ogleby purchased $840,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000. How much would Ogleby Manufacturing report as the cost of goods manufactured for 2013? a. $1,164,000 b. $1,224,000 c. $1,218,000 d. $1,188,000

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
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