Given the Following Data for Glennon Company, Compute (A) Total

question 111

Short Answer

Given the following data for Glennon Company, compute (A) total manufacturing costs and (B) costs of goods manufactured: $\begin{array}{lrlr}\text { Direct materials used } & \$ 270,000 & \text { Beginning work in process } & \$ 40,000 \\\text { Direct labor } & 200,000 & \text { Ending work in process } & 20,000 \\\text { Manufacturing overhead } & 250,000 & \text { Beginning finished goods } & 50,000 \\\text { Operating expenses } & 350,000 & \text { Ending finished goods } & 30,000\end{array}$

$\begin{array}{lll}&(A)&(B)\\\text { a. } & \$ 700,000 & \$ 740,000 \\\text { b. } & \$ 720,000 & \$ 700,000 \\\text { c. } & \$ 720,000 & \$ 740,000 \\\text { d. } & \$ 740,000 & \$ 760,000\end{array}$

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Definitions:

Preferred Stock

A class of stock that typically offers dividends and claim on assets before common stockholders but usually does not have voting rights.

Common Stock

A form of corporate equity ownership, a type of security representing an ownership interest in a corporation.

Capital Stock

The total amount of shares that a company is authorized to issue, representing the main source of equity for the company.

Preferred Stock

A class of ownership in a corporation that has a higher claim on assets and earnings than common stock, often with fixed dividend payments.