For the Year Just Ended,Cole Corporation's Manufacturing Costs (Raw Materials

question 48

Multiple Choice

For the year just ended,Cole Corporation's manufacturing costs (raw materials used,direct labor,and manufacturing overhead) totaled $1,500,000.Beginning and ending work-in-process inventories were $60,000 and $90,000,respectively.Cole's balance sheet also revealed respective beginning and ending finished-goods inventories of $250,000 and $180,000.On the basis of this information,how much would the company report as cost of goods manufactured (CGM) and cost of goods sold (CGS) ?

• A)CGM,$1,430,000;CGS,$1,460,000.
• B)CGM,$1,470,000;CGS,$1,540,000.
• C)CGM,$1,530,000;CGS,$1,460,000.
• D)CGM,$1,570,000;CGS,$1,540,000.
• E)Some other amounts.

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Definitions:

Death Rates

A measure of the number of deaths in a particular population, scaled to the size of that population, per unit of time.

Birth Rates

The number of live births per thousand of population per year, a crucial demographic indicator affecting a nation's population growth.

White Settlers

Individuals of European descent who established communities in territories outside of Europe, often leading to the displacement of indigenous populations.

Middle Passage

The sea voyage that transported enslaved Africans across the Atlantic Ocean to the Americas as part of the triangular slave trade, noted for its brutal conditions.