Examlex

Solved

Assuming That the Cost of Goods Manufactured Is $3,460,000 Compute

question 72

Multiple Choice

Assuming that the cost of goods manufactured is $3,460,000 compute the cost of goods sold using the following information.  Raw materials inventory, January 1 30,000 Raw materials inventory, December 3160,000 Work in process, January 1 27,000 Work in process, December 31 18,000 Finished goods, January 1 60,000 Finished goods, December 31 48,000 Raw materials purchases 1,800,000 Direct labor 890,000 Factory utilities 225,000 Indirect labor 75,000 Factory depreciation 500,000 Operating expenses 630,000\begin{array}{lll}\text { Raw materials inventory, January 1 } & 30,000 \\\text { Raw materials inventory, December } 31 & 60,000 \\\text { Work in process, January 1 } & 27,000 \\\text { Work in process, December 31 } & 18,000 \\\text { Finished goods, January 1 } & 60,000 \\\text { Finished goods, December 31 } & 48,000\\\text { Raw materials purchases } & 1,800,000 \\\text { Direct labor } & 890,000 \\\text { Factory utilities } & 225,000 \\\text { Indirect labor } & 75,000 \\\text { Factory depreciation } & 500,000 \\\text { Operating expenses } & 630,000\end{array}


Definitions:

Rights Warning

Typically refers to the Miranda warning, a notification given by police in the U.S. to criminal suspects in police custody, advising them of their right to silence and legal counsel.

Reasonableness

A standard of fairness and rational behavior expected in legal and contractual relationships.

Presumed Innocent

The principle that an individual is considered innocent until proven guilty in a court of law.

Commercial Property

Real estate property that is used for business activities, such as offices, retail spaces, warehouses, and industrial buildings.

Related Questions