Figure 2-2

question 210

Multiple Choice

Figure 2-2.Lonborg Co. had the following beginning and ending inventory balances for the year ended December 31, 2011:
In addition, direct labor costs of $30,000 were incurred, overhead equaled $42,000, materials purchased were $27,000 and selling and administrative costs were $22,000. Lonborg Co. sold 25,000 units of product during the year at a sales price of $5.00 per unit.
-Refer to Figure 2-2. What was the amount of cost of goods manufactured for the year?

• A) $101,000
• B) $124,000
• C) $100,000
• D) $102,000

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Definitions:

Human Resource Planning

The process used by organizations to ensure that they have the right number and kind of capable employees to meet their current and future business needs.

Labour-management Relations

Refers to the formal and informal relationships between employees and employers, encompassing negotiation, communication, and collaboration to resolve workplace issues.

Career Development

The ongoing process of managing life, learning, and work over the lifespan to achieve personal career goals.

Performance Management

A continuous process by which an organization's goals are set, progress is assessed, feedback is given, and improvements are made to enhance performance.