Waterway Industries's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020Raw materials inventory$ 90000 $ 74000 Work in process inventory114000 126000 Finished goods inventory100000 92000 During 2020, Waterway purchased $1650000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000.How much is total manufacturing costs incurred during 2020 for Waterway? $2072000 $2060000 $2064000 $2076000

Manufacturing costs: Manufacturing costs are the costs which are involved in converting the raw…

Answered: Waterway Industries's 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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Waterway Industries's accounting records reflect the following inventories:

	Dec. 31, 2019	Dec. 31, 2020
Raw materials inventory	$ 90000	$ 74000
Work in process inventory	114000	126000
Finished goods inventory	100000	92000

During 2020, Waterway purchased $1650000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000.
How much is total manufacturing costs incurred during 2020 for Waterway?

$2072000

$2060000

$2064000

$2076000

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