Using $2,540,000 as the Cost of Goods Manufactured, Compute the Cost

question 61

Multiple Choice

Using $2,540,000 as the cost of goods manufactured, compute the cost of goods sold using the following information. $\begin{array}{lll}\text { Raw materials inventory, January } 1 & \$ 20,000 \\\text { Raw materials inventory, December } 31 & 40,000 \\\text { Work in process, January } 1 & 18,000 \\\text { Work in process, December } 31 & 12,000 \\\text { Finished goods, January 1 } & 40,000 \\\text { Finished goods, December } 31 & 32,000\\\text { Raw materials purchases } & 1,400,000 \\\text { Direct labor } & 560,000 \\\text { Factory utilities } & 150,000 \\\text { Indirect labor } & 50,000 \\\text { Factory depreciation } & 400,000 \\\text { Operating expenses } & 420,000\end{array}$

• A)$2,546,000.
• B)$2,508,000.
• C)$2,532,000.
• D)$2,548,000.

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Definitions:

Environmental Groups

Organizations dedicated to advocating for and working towards the protection and improvement of the Earth's environment.

Unfair Trade Practices

Business methods considered unethical or illegal, which deceive, mislead, or harm consumers or competitors.

Trade Barriers

Measures imposed by governments to restrict international trade, typically to protect domestic industries, including tariffs, quotas, and regulations.

Protected Products

Goods that are safeguarded by trade policies or tariffs to give domestic producers a competitive advantage over foreign imports.