Assume caltreck manufacturings cost of goods manufactured, Ask an Expert

Accounting

Caltreck Manufacturing Inc.'s accounting records reflect the following inventories:

Dec. 31, 2008

Dec. 31, 2009

Raw materials inventory

$100,000
$ 80,000
Work in process inventory

130,000
145,000
Finished goods inventory

125,000
115,000

During 2008, Caltreck purchased $950,000 of raw materials, incurred direct labour costs of $125,000, and incurred manufacturing overhead totalling $160,000.

Assume Caltreck Manufacturing's cost of goods manufactured for 2008 amounted to $1,200,000. How much would it report as cost of goods sold for the year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M972690

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