Ogleby Inc.'s accounting records reflect the following inventories: December 31, 2016 December 31, 2017 Raw materials inventory

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

December 31, 2016 December 31, 2017

Raw materials inventory $120,000 $96,000

Work-in-process inventory 156,000 174,000

Finished goods inventory 150,000 138,000

During 2017, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead costs totaling $224,000.

How much would Ogleby Inc. report as cost of goods manufactured for 2017?

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Accounting Principles

ISBN: 978-1118875056

12th edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Posted Date: Mar 27, 2023 03:16 AM

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Ogleby Inc.'s accounting records reflect the following inventories: December 31, 2016 December 31, 2017 Raw materials inventory

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The calculation of cost of goods manufactured is as follows Beginning workinprocess inventory Total ... View the full answer

Accounting Principles

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