Vaughn Inc's accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 $79000 $63000 Raw materials inventory Work in process inventory Finished goods inventory 103000 O $1466000 O $1450000 O$1387000 O $1434000 100000 115000 92000 During 2022, Vaughn purchased $1450000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totalling $160000, (Assume that all raw materials used were direct materials.) What was the cost of raw materials transferred to production during 2022 for Vaughn?

Vaughn Inc's accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 $79000 $63000 Raw materials inventory Work in process inventory Finished goods inventory 103000 O $1466000 O $1450000 O$1387000 O $1434000 100000 115000 92000 During 2022, Vaughn purchased $1450000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totalling $160000, (Assume that all raw materials used were direct materials.) What was the cost of raw materials transferred to production during 2022 for Vaughn?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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