BUSINESS HIGH SCHOOL

Marigold Corp.'s accounting records reflect the following inventories: Dec. 31, 2017 Dec. 31, 2016 Raw materials inventory $390000 $340000 Work in process inventory 300000 160000 Finished goods inventory 190000 150000 During 2017, $890000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Marigold Corp.'s total manufacturing costs incurred in 2017 amounted to_________________

Answers

Answer 1
Answer:

Answer:

total cost incurred       2,250,000

Explanation:

From the inventory identity we solve for the added materials:

$$Beginning Inventory + Purchase = Ending Inventory + added

Beginning raw  390,000  

purchase         890,000  

ending raw        (340,000)  

added materials       940,000

Then, we solve for the cost adeed during the period, which are the cost incurred during the period:

added materials               940,000

labor                    670,000

applied overhead          640,000    

total cost incurred       2,250,000

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Answers

Answer:

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Answers

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2,500 would be the answer hope this helps

howard lumber company mistakenly classified a product cost as an expense that totaled $20,500. the company produced 2,050 units of product and sold 1,025 of them during the year. management is paid a bonus equal to 2% of net income. in the year in which the mistake was made:

Answers

The mistaken classification of the product costas an expense would result in an understatement of the cost of goods sold by $20,500. This would also lead to an overstatement of the net income by the same amount.

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Learn more about Net income: brainly.com/question/28390284

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