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

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Reference no: EM132658449

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

                                    Dec. 31, 2016                  Dec. 31, 2017

Raw materials inventory     $ 80,000                           $ 64,000

Work in process inventory   104,000                            116,000

Finished goods inventory   100,000                                 92,000

During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000.

Problem 1: Assume Benson's cost of goods manufactured for 2017 amounted to $1,660,000. How much would it report as cost of goods sold for the year?

Reference no: EM132658449

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