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

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

(A)(B) a. $700,000$740,000 b. $720,000$700,000 c. $720,000$740,000 d. $740,000$760,000\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:

Convertible Bond

A type of bond that can be converted into a predetermined number of the issuing company's shares at certain times during its life, usually at the discretion of the bondholder.

Par Value

The face value of a bond or a stock, as stated by the issuing company.

Strike Price

The predetermined price at which an option can be exercised.

Time-to-Maturity

The remaining period until a financial instrument, such as a bond or loan, reaches its due date and must be repaid in full.

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