Cost of Goods Manufactured Equals $85,000 for 2019

question 132

Multiple Choice

Cost of goods manufactured equals $85,000 for 2019. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Beginning and ending work in process for 2019 are $4,000 and $5,000, respectively. How much is cost of goods sold for the year?

• A) $87,500
• B) $83,000
• C) $81,500
• D) $88,500

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Definitions:

Enzyme

Biomolecules that act as catalysts, speeding up specific biochemical reactions in the body without being consumed in the process.

Protein Catalyst

Enzymes that significantly speed up the rate of virtually all of the chemical reactions that take place within cells.

Chemical Reaction

A process that involves rearrangement of the molecular or ionic structure of substances, not involving a change in physical state.

ATP

Adenosine Triphosphate, a molecule that stores and transfers energy within cells, enabling metabolic processes.