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:

Slave Society

A society in which the institution of slavery plays a central role in the economic, social, and cultural aspects of life.

Chesapeake Region

An area in the United States characterized by its location around the Chesapeake Bay, often referring to parts of Virginia and Maryland.

Middle Passage

The sea voyage that transported enslaved Africans across the Atlantic Ocean to the Americas as part of the transatlantic slave trade.