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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

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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