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 $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?
A)$1,229,000
B)$1,397,000
C)$1,391,000
D)$1,385,000

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 $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?
A)$1,229,000
B)$1,397,000
C)$1,391,000
D)$1,385,000

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 $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?
A)$1,229,000
B)$1,397,000
C)$1,391,000
D)$1,385,000

Ogleby Inc During 2017, Ogleby Purchased $980,000 of Raw Materials, Incurred Direct