Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2021 O $1625900 O $1733100 O $1540000 O $1640100 $84500 107700 100100 Dec. 31, 2022 $69800 117500 93000 During 2022, Bonita purchased $142700 of raw materials, incurred direct labor costs of $283600, and incurred manufacturing overhead totaling $155000. (Assume that all raw materials used were direct materials.) Assume Bonita's cost of goods manufactured for 2022 amounted to $1633000. What amount would the company report as cost of goods sold for the year?

Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2021 O $1625900 O $1733100 O $1540000 O $1640100 $84500 107700 100100 Dec. 31, 2022 $69800 117500 93000 During 2022, Bonita purchased $142700 of raw materials, incurred direct labor costs of $283600, and incurred manufacturing overhead totaling $155000. (Assume that all raw materials used were direct materials.) Assume Bonita's cost of goods manufactured for 2022 amounted to $1633000. What amount would the company report as cost of goods sold for the year?

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

Bonita Inc's accounting records reflect the following inventories:
Raw materials inventory
Work in process inventory
Finished goods inventory
Dec. 31, 2021 Dec. 31, 2022
$84500
$69800
117500
O $1625900
O $1733100
O $1540000
O $1640100
107700
100100
93000
During 2022, Bonita purchased $142700 of raw materials, incurred direct labor costs of $283600, and incurred manufacturing
overhead totaling $155000. (Assume that all raw materials used were direct materials.) Assume Bonita's cost of goods manufactured
for 2022 amounted to $1633000. What amount would the company report as cost of goods sold for the year?

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