Ogleby Inc.'s accounting records reflect the following inventories: During 2017, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000.
How much would Ogleby Manufacturing report as cost of goods manufactured for 2017?

Question

Ogleby Inc.'s accounting records reflect the following inventories:  During 2017, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000.
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:  During 2017, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000.
How much would Ogleby Manufacturing report as cost of goods manufactured for 2017?