(Answered) Problem - use the following information for questions

Accounting

Problem - Use the following information for questions 1-3.

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

Dec. 31, 2005 Dec. 31, 2006

Raw materials inventory $100,000 $ 80,000

Work in process inventory 130,000 145,000

Finished goods inventory 125,000 115,000

During 2006, Caltreck purchased $950,000 of raw materials, incurred direct labor costs of $125,000, and incurred manufacturing overhead totaling $160,000.

1. How much is raw materials transferred to production during 2006 for Caltreck Manufacturing?

a. $1,240,000

b. $970,000

c. $950,000

d. $930,000

2. How much is total manufacturing costs incurred during 2006 for Caltreck?

a. $1,240,000

b. $1,255,000

c. $1,235,000

d. $1,250,000

3. Assume Caltreck Manufacturing's cost of goods manufactured for 2006 amounted to $1,200,000. How much would it report as cost of goods sold for the year?

a. $1,210,000

b. $1,250,000

c. $1,325,000

d. $1,190,000

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