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Homework answers / question archive / Coronado Industries's accounting records reflect the following inventories:                                             Dec

Coronado Industries's accounting records reflect the following inventories:                                             Dec

Accounting

Coronado Industries's accounting records reflect the following inventories:

                                            Dec. 31, 2019            Dec. 31, 2020 

Raw materials inventory            $80000                   $ 100000   

Work in process inventory           106000                     124000   

Finished goods inventory             100000                      88000   

During 2020, Coronado purchased $930000 of raw materials, incurred direct labor costs of $175000, and incurred manufacturing overhead totaling $224000.

How much is total manufacturing costs incurred during 2020 for Coronado?

1) $1329000

2) $1321000

3) $1335000

4) $1309000

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Computation of the total manufacturing costs:-

Direct material used = Beginning raw material inventory + Raw materials purchased - Ending raw material inventory

= $80,000 + $930,000 - $100,000

= $910,000

Total manufacturing cost = Direct materials used + Direct labor + Manufacturing overhead

= $910,000 + $175,000 + $224,000

= $1,309,000

Hence, the correct option is 4) $1,309,000

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