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Bonita Manufacturing Inc

Accounting

Bonita Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31. 2020 Raw materials inventory Work in process inventory Finished goods inventory Dec. 31. 2019 $99000 129200 125100 $80100 144900 114500 During 2020. Bonita purchased $950300 of raw materials, incurred direct labour costs of $124600, and incurred manufacturing overhead totalling $160000. How much raw materials is transferred to production during 2020 for Bonita Manufacturing? O $1242300 O $969200 O $950300 O $931400

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Answer:

Raw Materials Transferred = Raw Materials Inventory, Dec. 31, 2019 + Raw Materials Purchased – Raw Materials Inventory, Dec 31, 2020
Raw Materials Transferred = $99,000 + $950,300 - $80,100
Raw Materials Transferred = $969,200

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