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Benson Inc.'s accounting records reflect the following
inventories:
Dec. 31, 2016Dec. 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.
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?
Question 9
On the costs of goods manufactured schedule, the item raw
materials inventory (ending) appears as a(n)
Question 10
For a manufacturing firm, cost of goods available for sale is
computed by adding the beginning finished goods inventory to
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ACC 560 Week 3 Assignment 1 Activity-based Costing (ABC)
in Service Industries (2 Papers)
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