Ting Company Started the Accounting Period with the Following Beginning

question 126

Multiple Choice

Ting Company started the accounting period with the following beginning balances:Raw Materials Inventory, $21,000; Work in Process Inventory, $45,000; and Finished Goods Inventory, $10,000. During the accounting period, the company purchased $30,000 of raw materials and ended the period with $8,000 in raw material inventory. Direct labor costs for the period were $60,000 and $63,000 of manufacturing overhead costs was allocated to work in process. Ending work in process was $41,000 and ending finished goods was $17,500. Goods were sold during the period for $162,500. The amount of cost of goods manufactured (i.e., amount transferred from work in process to finished goods) would be:

• A) $117,500.
• B) $170,000.
• C) $221,000.
• D) $166,000.

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Definitions:

Per Year

A term indicating something occurs, is measured, or is evaluated on an annual basis.

8 Years

A period or duration of eight calendar years.

Annual Income

The total earnings from work, investment, benefits, and other sources over the course of a year.

Future Values

The projected amount of money or value of an investment at a specified future date, accounting for factors like interest rates and returns.