Hardigan Manufacturing Company Reported the Following Year-End Information: Beginning Work

question 4

Multiple Choice

Hardigan Manufacturing Company reported the following year-end information: beginning work in process inventory, $80,000; cost of goods manufactured, $980,000; beginning finished goods inventory, $50,000; ending work in process inventory, $70,000; and ending finished goods inventory, $40,000.How much is Haridgan's cost of goods sold for the year?

• A)$980,000
• B)$990,000
• C)$970,000
• D)$1,000,000

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Definitions:

Internal Control System

A process implemented by a company to help ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Manufacturing Costs

The total expenses involved in the manufacture of products, including direct materials, direct labor, and manufacturing overhead.

Cost of Goods Manufactured

The total cost incurred to produce goods during a specific period, including materials, labor, and overhead costs.

Cost of Goods Sold

The total expense directly associated with producing or purchasing goods that have been sold.