Use the Following Information for the Next 4 Questions

question 43

Multiple Choice

Use the following information for the next 4 questions.
Rayfield Company's management accountant collected the following inventory and transaction data for the month: The cost of goods available for sale was $1,370. Total manufacturing costs assigned to work-in-process during the month was $1,170. Manufacturing overhead was $334; and direct materials used were $386.
-Cost of goods sold for the month was

• A) $1,150
• B) $1,370
• C) $1,180
• D) $1,120

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Definitions:

Product Lines

Collections of related products marketed by a company, each targeting specific customer segments or fulfilling different needs within the same broad category.

Assortment

The range of products or services offered by a company to meet various customer needs.

General Merchandise

Refers to a broad category of products that includes many different types of items, often sold in large retail stores or supermarkets.

Broad Assortment

A wide range of products or services offered by a business to cater to various customer preferences and needs.