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Vaughn Manufacturing's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $150000 $ 100000 Work in process inventory 266000
Vaughn Manufacturing's accounting records reflect the following inventories:
Dec. 31, 2019 | Dec. 31, 2020 | ||
Raw materials inventory | $150000 | $ 100000 | |
Work in process inventory | 266000 | 284000 | |
Finished goods inventory | 260000 | 248000 |
During 2020, Vaughn purchased $910000 of raw materials, incurred direct labor costs of $175000, and incurred manufacturing overhead totaling $224000. How much would Vaughn Manufacturing report as cost of goods manufactured for 2020?
I am coming up with $1,359,000, however, that is NOT one of the multiple choice answers. Please help.
Thank you!
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