Cost of Goods Manufactured Equals $65,000 for 2013

question 56

Multiple Choice

Cost of goods manufactured equals $65,000 for 2013.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 2013 are $4,000 and $5,000, respectively.How much is cost of goods sold for the year?

• A)$67,500
• B)$63,000
• C)$61,500
• D)$68,500

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Definitions:

Cash Number

A numerical value representing the amount of liquid assets or cash available to an entity at a specific point in time.

Cash Budget

A financial plan that estimates cash inflows and outflows over a specific period, usually used to assess liquidity.

Budget Committee

A group of key managers who are responsible for overall budgeting policy and for coordinating the preparation of the budget.

Detailed Budgets

Comprehensive financial plans that itemize future projected income and expenses.