Concord Corporation's accounting records reflect the following inventories:
Dec. 31, 2020 Dec. 31, 2019
Raw materials inventory $320000 $260000
Work in process inventory 300000 160000
Finished goods inventory 190000 150000
During 2020, $820000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Concord Corporation's total manufacturing costs incurred in 2020 amounted to $2030000. its cost of goods sold for the year is:
a. $2009500.
b. $1909500.
c. $2089500.
d. $2159500.
Answers: 3
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Concord Corporation's accounting records reflect the following inventories:
Dec. 31, 2020 Dec. 31,...
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