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Benson Inc During 2017 Benson Purchased $1450000 of Raw Materials Incurred Direct

question 184

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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 104,000116,000 Finished goods inventory 100,00092,000\begin{array} { l c c } & \text { Dec. 31,2016 } & \text { Dec. 31, 2017 } \\\text { Raw materials inventory } & \$ 80,000 & \$ 64,000 \\\text { Work in process inventory } & 104,000 & 116,000 \\\text { Finished goods inventory } & 100,000 & 92,000\end{array} During 2017 Benson purchased $1450000 of raw materials incurred direct labor costs of $250000 and incurred manufacturing overhead totaling $160000. Assume Benson's cost of goods manufactured for 2017 amounted to $1660000. How much would it report as cost of goods sold for the year?

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Definitions:

External Cause

Factors that originate from outside an individual that can influence or trigger a particular outcome or effect.

Harold Kelley

A psychologist best known for his contributions to social psychology, particularly in the areas of attribution theory and interpersonal relations.

Internal Cause

An explanation of behavior as stemming from personal dispositions, traits, abilities, or feelings.

Conformity Rates

The measure of how much individuals change their behavior or beliefs to match those of a group, often studied in social psychology to understand the influence of group dynamics on individual actions.

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