Reference no: EM131811812
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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