During 2010 hopkins purchased 760000 of raw materials, Ask an Expert

Accounting

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

Dec. 31, 2009 Dec. 31, 2010
Raw materials inventory $ 80,000 $ 64,000
Work in process inventory 104,000 116,000
Finished goods inventory 100,000 92,000

During 2010, Hopkins purchased $760,000 of raw materials, incurred direct labor costs of $100,000, and incurred manufacturing overhead totaling $128,000. How much is raw materials transferred to production during 2010 for Hopkins Manufacturing?

A) $992,000

B) $776,000

C) $760,000

D) $744,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M990373

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