Get correct answer general accounting question Thomason Manufacturing's accounting records reflect the following inventories:Dec. 31, 2020 Dec. 31, 2021|Raw materials inventory $135,000$108,000Work in process inventory $180,000$195,000Finished goods inventory $165,000$144,000During 2021, Thomason purchased $920,000 of raw materials, incurred direct labor costsof $175,000, and incurred manufacturing overhead totaling $210,000.How much would Thomason Manufacturing report as the cost of goods manufacturedfor 2021?

Step 1: Definition of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) is the…

Answered: Thomason Manufacturing's accounting…

FINANCIAL ACCOUNTING

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Author:Libby

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Chapter1: Financial Statements And Business Decisions

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John Brown Inc.'s accounting records reflect the following inventories: Dec 31.2019 Dec 31, 2020 $80,000 $ 64,000 Raw materials inventory 104,000 116.000 Work in process inventory 92,000 100,000 Finished goods inventory During 2020, John Brown purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much is total manufacturing costs incurred during 2020 for John Brown? a $1,864.000 b. $1,876,000 c. $1,860,000 d. $1,872,000
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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
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Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials inventory $20,000 $ 80,000 Work in process inventory 30,000 50,000 Finished goods inventory 40,000 70,000 During 2020, 1) $70,000 of raw materials was purchased. 2) Incurred direct labor costs amounted to $120,000. 3) Applied manufacturing overhead was $180,000. Instructions: (a) Please calculate the direct raw materials was used during 2020.
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