Question
Peak Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 Raw materials inventory $120,000 $ 80,000 Work in process inventory
Peak Manufacturing Inc.'s accounting records reflect the following inventories:
Dec. 31, 2021 Dec. 31, 2022
Raw materials inventory $120,000 $ 80,000
Work in process inventory 150,000 145,000
Finished goods inventory 150,000 115,000
During 2022, Peak Manufacturing purchased $250,000 of raw materials, incurred direct labour costs of $150,000, and incurred manufacturing overhead totaling $120,000.
How much raw materials were used during 2022 Peak Manufacturing production?
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Solution Raw materials used refers to the material had used in the production during a pe...
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Fundamental Managerial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
7th edition
978-0077632427, 77632427, 78025656, 978-0078025655
