Ivanhoe Company's accounting records reflect the following inventories: Jan. 1, 2022 Dec. 31, 2022 Raw materials...

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Ivanhoe Company's accounting records reflect the following inventories: Jan. 1, 2022 Dec. 31, 2022 Raw materials inventory $260,000 $320,000 Work in process inventory 160,000 300,000 Finished goods inventory 140,000 190,000 During 2022, $840,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. (Assume that all raw materials used were direct materials.) If Ivanhoe Company's cost of goods manufactured for 2022 amounted to $1,890,000, its cost of goods sold for the year is Enter your answer without a dollar sign. Ivanhoe Company's accounting records reflect the following inventories: Jan. 1, 2022 Dec. 31, 2022 Raw materials inventory $260,000 $320,000 Work in process inventory 160,000 300,000 Finished goods inventory 140,000 190,000 During 2022, $840,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. (Assume that all raw materials used were direct materials.) If Ivanhoe Company's cost of goods manufactured for 2022 amounted to $1,890,000, its cost of goods sold for the year is Enter your answer without a dollar sign.

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Answer To find the cost of goods sold for the year we can use the following formu... View the full answer