If the accountant did not prepare the elimination entry of unrealized profit in inventories at the end of any year, this will affect the consolidated net income in that year and in all subsequent years". Discuss the accuracy of this statement and support your answer with a numerical example

Consider derek's budget information: materials to be used totals $64,750; direct labor totals $198,400; factory overhead totals $394,800; work in process inventory january 1, $189,100; and work in progress inventory on december 31, $197,600. what is the budgeted cost of goods manufactured for the year? a. $1,044,650 b. $649,450 c. $657,950 d. $197,600