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2. Benson Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 Dec. 31, 2017 Raw materials inventory $80,000 Work in process inventory 104,000 $
2. Benson Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 Dec. 31, 2017 Raw materials inventory $80,000 Work in process inventory 104,000 $ 64,000 116,000 Finished goods inventory 100,000 92,000 During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much raw materials were transferred to production during 2017 for Benson? *
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