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:

Equity Financing

Raising capital through the sale of shares in a company.

Lease Financing

Using lease as a means of financing to acquire the use of assets for a specified period of time without ownership.

Mutual Fund

An investment vehicle that pools money from many investors to purchase a diversified portfolio of stocks, bonds, or other securities.

Professional Manager

A person responsible for controlling or administering all or part of a company or similar organization.