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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

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: 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
Transcribed Image Text: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
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