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 totalling $120,000.
How much raw materials were used during 2022 Peak Manufacturing production?
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Financial Accounting an introduction to concepts, methods and uses
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
13th Edition
978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003
