Benson Inc During 2017, Benson Purchased $1,450,000 of Raw Materials, Incurred Direct

question 11

Multiple Choice

Benson Inc.'s accounting records reflect the following inventories: $\begin{array}{lrr}&\text { Dec. } 31,2016&\text { Dec. } 31,2017\\\text { Raw materials inventory } & \$ 80,000 & \$ 64,000 \\\text { Work in process inventory } & 104,000 & 116,000 \\\text { Finished goods inventory } & 100,000 & 92,000\end{array}$ During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. Assume Benson's cost of goods manufactured for 2017 amounted to $1,660,000. How much would it report as cost of goods sold for the year?

• A) $1,668,000
• B) $1,568,000
• C) $1,760,000
• D) $1,652,000

---

Definitions:

Emotional Capital

The accumulated value of an individual's emotional competencies and social networks, contributing to their ability to navigate social situations effectively.

Bereavement Tasks

Psychological tasks or processes that people go through to adapt to the death of a loved one, including accepting the reality of the loss and adjusting to a world without the deceased.

Acute Disease

A communicable disease caused by a number of microorganisms including viruses, fungi, and bacteria. Acute illnesses last for a relatively short period of time and result either in recovery or in death. Examples of acute illnesses include smallpox, malaria, cholera, influenza, and pneumonia.

Kübler-Ross's Stages

A framework outlining five stages of emotional response to grief and loss: denial, anger, bargaining, depression, and acceptance.