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Dec 31, 2019 $100700 129500 Raw materials inventory Work in process inventory Finished goods inventory Dec
Dec 31, 2019 $100700 129500 Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2020 $79400 144500 115500 124800 During 2020, Bonita purchased $950300 of raw materials, incurred direct labour costs of $124100, and incurred manufacturing overhead totalling $160100. Bonita Manufacturing's cost of goods manufactured for 2020 amounted to $1240800. How much would it report as cost of goods sold for the year? O $1250100 O $1289400 O $1364900 O $1231500 e Textbook and Media Attempts: 0 of 3 used Submit Answer Save for Later
Expert Solution
Option A - $1250100
Direct Material used - 971,600
Opening inventory -100700
(+) Purchases - 950,300
(-) Closing inventory-(79,400)
Direct Labour cost - 124,100
Manufacturing overhead - 160,100
Manufacturing costs incurred - 1255800
(+) Opening WIP - 129500
(-) Closing WIP. - (144500)
?????? cost of goods manufactured - 1240800
(+) Opening Finished goods. - 124800
(-) Closing Finished goods - (115500)
Cost of goods sold. - 1250100
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