Selected Data Concerning the Past Year's Operations of the Wood

question 191

Multiple Choice

Selected data concerning the past year's operations of the Wood Corporation are as follows: $\begin{array}{lr}\text { Selling and administrative expenses } & \$ 300,000 \\\text { Direct materials used } & 530,000 \\\text { Direct labour (100,000 hours) } & 600,000 \\\text { Factory overhead application rate } & 5 \text { per DLH }\end{array}$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Inventories }$$\begin{array}{lrr}& \underline{\text { Beginning }}& \underline{\text { Ending }}\\\text { Work in process } & \$ 150,000 & \$ 160,000 \\\text { Finished goods } & 80,000 & 50,000\end{array}$ What is the cost of goods sold?

• A)$1,600,000
• B)$1,630,000
• C)$1,650,000
• D)$1,880,000

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Definitions:

Claiming Compensation

The act of seeking monetary reimbursement for harm, loss, or damages suffered because of another's actions or negligence.

Recover Damages

Refers to the obtainment of financial compensation for harm or loss suffered, through a legal process.

Reasonable Effort

A degree of effort that a prudent person would consider sufficient under given circumstances.

Specific Performance

A legal remedy requiring a party to perform their part of a contract, rather than simply paying damages for non-performance.