Assume the Following Information What Was the Cost of Goods Manufactured During the Year

question 3

Multiple Choice

Assume the following information: $\begin{array}{lr}\text { Direct materials used } & £ 90,000 \\\text { Direct labour } & 130,000 \\\text { Factory overhead } & 150,000 \\\text { Beginning work-in-progress inventory } & 15,000 \\\text { Beginning finished goods inventory } & 20,000 \\\text { Ending work-in-progress inventory } & 42,000 \\\text { Selling and administrative expenses } & 37,500\end{array}$ What was the cost of goods manufactured during the year?

• A)£370,000
• B)£365,000
• C)£343,000
• D)£333,000

Learn the procedural steps in the accounting cycle, including the adjustment process.

Understand the concept of assets within the context of accounting.

Differentiate between cash basis and accrual basis accounting methods.

Recognize the differences between voiding and deleting transactions in QuickBooks for correcting errors.

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