Using the Information Below for Singing Dolls, Inc A) $13,000

question 51

Multiple Choice

Using the information below for Singing Dolls, Inc., determine cost of goods manufactured for the year: $\begin{array} { | l | r | } \hline & \\\hline \text { Work in Process, January 1 } & 50,000 \\\hline \text { Work in Process, December } 31 & 37,000 \\\hline \text { Total Factory overhead } & 5,500 \\\hline \text { Direct materials used } & \$ 12,500 \\\hline \text { Direct labor used } & 26,500 \\\hline\end{array}$

• A) $13,000.
• B) $44,500.
• C) $57,500.
• D) $94,500.
• E) $52,000.

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Definitions:

Supplies Used

The cost of consumables used in the operation of a business during an accounting period.

Total Liability

The combined amount of debts and obligations that a company owes to outside parties.

Total Expenses

The total amount of money spent by a business during a specific period, including both fixed and variable costs.

Total Assets

The sum of all assets owned by a company, including current, fixed, and intangible assets, reflecting the total resources it has at its disposal.