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Westfield Inc.'s accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2021 Raw materials inventory $85,000 $72,000 Work in process inventory $110,000 $125,000 Finished goods inventory $160,000 $142,000 During 2021, Westfield purchased $620,000 of raw materials, incurred direct labor costs of $195,000, and incurred manufacturing overhead totaling $245,000. How much would Westfield Manufacturing report as the cost of goods manufactured for 2021? a. $1,048,000 b. $1,058,000 c. $1,073,000 d. $1,060,000

Westfield Inc.'s accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2021 Raw materials inventory $85,000 $72,000 Work in process inventory $110,000 $125,000 Finished goods inventory $160,000 $142,000 During 2021, Westfield purchased $620,000 of raw materials, incurred direct labor costs of $195,000, and incurred manufacturing overhead totaling $245,000. How much would Westfield Manufacturing report as the cost of goods manufactured for 2021? a. $1,048,000 b. $1,058,000 c. $1,073,000 d. $1,060,000

FINANCIAL 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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Westfield Inc.'s accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2021 Raw materials inventory $85,000 $72,000 Work in process inventory $110,000 $125,000 Finished goods inventory $160,000 $142,000 During 2021, Westfield purchased $620,000 of raw materials, incurred direct labor costs of $195,000, and incurred manufacturing overhead totaling $245,000. How much would Westfield Manufacturing report as the cost of goods manufactured for 2021? a. $1,048,000 b. $1,058,000 c. $1,073,000 d. $1,060,000
Transcribed Image Text:Westfield Inc.'s accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2021 Raw materials inventory $85,000 $72,000 Work in process inventory $110,000 $125,000 Finished goods inventory $160,000 $142,000 During 2021, Westfield purchased $620,000 of raw materials, incurred direct labor costs of $195,000, and incurred manufacturing overhead totaling $245,000. How much would Westfield Manufacturing report as the cost of goods manufactured for 2021? a. $1,048,000 b. $1,058,000 c. $1,073,000 d. $1,060,000
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