Benson Inc.\'s accounting records reflect the following inventories: Dec. 31, 20

Question

Benson Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 Dec. 31, 2017 Raw materials inventory $ 80,000 $ 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much raw materials were transferred to production during 2017 for Benson? $1,466,000 $1,434,000 $1,450,000 $1,386,000 Link to Text

Explanation / Answer

Raw material Transfered to Production During 2017

So Correct answer is $ 1,466,000

Particulars Amount Opening raw material 2016 80,000 Add : Purchase of Raw material 1,450,000 Less Closing Stock raw material 2017 64,000 Raw Materials transfered to production during 2017 1,466,000

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