Grayson Inc

question 121

Multiple Choice

Grayson Inc. has provided the following data for the month of October. The balance in the Finished Goods Inventory account at the beginning of the month was $49,000 and at the end of the month was $45,000. The cost of goods manufactured for the month was $226,000. The actual manufacturing overhead cost incurred was $74,000 and the manufacturing overhead cost applied to Work-in-Process was $70,000. The adjusted cost of goods sold that would appear on the income statement for October is:

• A) $226,000.
• B) $230,000.
• C) $222,000.
• D) $234,000.

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Definitions:

Consumer Choices

The decisions made by individuals regarding which products or services to purchase, influenced by preferences, budget, and availability.

Demand Forecast

The process of estimating the quantity of a product or service that consumers will purchase in the foreseeable future.

Forecast Error

The difference between the actual outcomes and the predictions made by forecasting models, utilized to measure the accuracy of predictions.

Forecasts

Predictions about future events, such as sales, economic trends, or weather, based on historical data and analysis.