Ogleby Inc.'s accounting records reflect the following inventories: $$\begin{array} { l c c }
& \text { Dec. 31,2016 } & \text { Dec. 31, 2017 } \
\text { Raw materials inventory } & \$ 120,000 & \$ 96,000 \
\text { Work in process inventory } & 156,000 & 174,000 \
\text { Finished goods inventory } & 150,000 & 138,000
\end{array}$$ During 2017 Ogleby purchased $980000 of raw materials incurred direct labor costs of $175000 and incurred manufacturing overhead totaling $224000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2017?

Question

Ogleby Inc.'s accounting records reflect the following inventories: $$\begin{array} { l c c } 
& \text { Dec. 31,2016 } & \text { Dec. 31, 2017 } \
\text { Raw materials inventory } & \$ 120,000 & \$ 96,000 \
\text { Work in process inventory } & 156,000 & 174,000 \
\text { Finished goods inventory } & 150,000 & 138,000
\end{array}$$ During 2017 Ogleby purchased $980000 of raw materials incurred direct labor costs of $175000 and incurred manufacturing overhead totaling $224000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2017?

Quizplus · Accepted Answer

The Answer of Ogleby Inc.'s accounting records reflect the following inventories: $$\begin{array} { l c c } 
& \text { Dec. 31,2016 } & \text { Dec. 31, 2017 } \
\text { Raw materials inventory } & \$ 120,000 & \$ 96,000 \
\text { Work in process inventory } & 156,000 & 174,000 \
\text { Finished goods inventory } & 150,000 & 138,000
\end{array}$$ During 2017 Ogleby purchased $980000 of raw materials incurred direct labor costs of $175000 and incurred manufacturing overhead totaling $224000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2017?

Ogleby Inc During 2017 Ogleby Purchased $980000 of Raw Materials Incurred Direct