Laramie Technologies Has the Following Data:​​ Calculate the Cost of Goods Manufactured

question 21

Essay

Laramie Technologies has the following data:​​ $$\begin{array} { l r } \text { Work in process inventory, beginning } & \$ 45,000 \\\text { Work in process inventory, ending } & 32,000 \\\text { Direct labor costs } & 56,000 \\\text { Cost of materials used } & 50,000 \\\text { Factory overhead } & 28,000\end{array}$$ Calculate the cost of goods manufactured.

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Definitions:

Conversion Value

The worth of a convertible security if it were converted into the underlying stock at the current market price.

Convertible Bond

A type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value.

In The Money

A term referring to an option contract that has intrinsic value. For call options, this means the underlying asset price is above the strike price, and for put options, it means the underlying asset price is below the strike price.

Call

A stock market option that gives the holder the right to buy shares at a specified price within a specific time period.