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

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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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