Solution-How much would it report as cost of goods sold for

How much would it report as cost of goods sold for the year

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Reference no: EM133039250

Problem - Benson Inc.'s accounting records reflect the following inventories:

	Dec. 31, 2012	Dec. 31, 2013
Raw materials inventory	$80,000	$64,000
Work in process inventory	104,000	116,000
Finished goods inventory	100,000	92,000

During 2013, Benson purchased $1,160,000 of raw materials, incurred direct labor costs of $200,000, and incurred manufacturing overhead totaling $128,000. Assume Benson's cost of goods manufactured for 2013 amounted to $1,360,000. How much would it report as cost of goods sold for the year?

Reference no: EM133039250

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How much would it report as cost of goods sold for the year

Reference no: EM133039250

Reference no: EM133039250

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