Peak Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 Raw materials inventory $120,000 $ 80,000 Work in process inventory 150,000 145,000 Finished goods inventory 150,000 115,000 During 2022, Peak Manufacturing purchased $250,000 of raw materials, incurred direct labour costs of $150,000, and incurred manufacturing overhead totalling $120,000. How much raw materials were used during 2022 Peak Manufacturing production? Select one: a. $250,000 b. $290,000 c. $330,000 O d. $370,000
Peak Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 Raw materials inventory $120,000 $ 80,000 Work in process inventory 150,000 145,000 Finished goods inventory 150,000 115,000 During 2022, Peak Manufacturing purchased $250,000 of raw materials, incurred direct labour costs of $150,000, and incurred manufacturing overhead totalling $120,000. How much raw materials were used during 2022 Peak Manufacturing production? Select one: a. $250,000 b. $290,000 c. $330,000 O d. $370,000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 1CP
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![Peak Manufacturing Inc.'s accounting records reflect the following inventories:
Dec. 31, 2021
Dec. 31, 2022
Raw materials inventory
$120,000
$ 80,000
Work in process inventory
150,000
145,000
Finished goods inventory
150,000
115,000
During 2022, Peak Manufacturing purchased $250,000 of raw materials, incurred direct labour costs of $150,000, and incurred manufacturing overhead
totalling $120,000.
How much raw materials were used during 2022 Peak Manufacturing production?
Select one:
a. $250,000
b. $290,000
c. $330,000
O d. $370,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F11e6e760-4b98-4c91-ab5e-657b603ef5fc%2F3496f287-6333-4e4a-92e0-714def2a152c%2Fouujixk_processed.png&w=3840&q=75)
Transcribed Image Text:Peak Manufacturing Inc.'s accounting records reflect the following inventories:
Dec. 31, 2021
Dec. 31, 2022
Raw materials inventory
$120,000
$ 80,000
Work in process inventory
150,000
145,000
Finished goods inventory
150,000
115,000
During 2022, Peak Manufacturing purchased $250,000 of raw materials, incurred direct labour costs of $150,000, and incurred manufacturing overhead
totalling $120,000.
How much raw materials were used during 2022 Peak Manufacturing production?
Select one:
a. $250,000
b. $290,000
c. $330,000
O d. $370,000
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