At the Beginning of 2012, Conway Manufacturing Company Had the Following

question 131

Multiple Choice

At the beginning of 2012, Conway Manufacturing Company had the following account balances: During the year, the following transactions took place:
$$\begin{array} { l r } \text { Direct materials placed in production: } & \$ 80,000 \\\text { Direct labor incurred: } & \$ 190,000 \\\text { Manufacturing overhead incurred } & \$ 300,000 \\\text { Manufacturing overhead allocated to production: } & \$ 295,000 \\\text { Jobs completed with cost of : } & \$ 500,000 \\\text { Jobs sold for total revenue of : } & \$ 750,000 \\\text { Jobs sold with cost of: } & \$ 440,000\end{array}$$ Remaining balance of Manufacturing overhead cleared to zero
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After recording all these transactions, the ending balance in the Cost of goods sold account is a:

• A) debit of $435,000.
• B) debit of $445,000.
• C) credit of $445,000.
• D) debit of $440,000.

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Definitions:

Slave Families

Family units that were formed by enslaved individuals under conditions of slavery, often facing forcible separations and restrictions.

Precapitalist System

An economic system or society that existed before the development of capitalism, characterized by feudalism, barter trade, and the absence of industrialized markets.

Slave Uprising

A revolt or rebellion by enslaved people against their conditions and their enslavers, often violently suppressed.

South Carolina

A state in the southeastern United States, known for its shorelines, historical significance, and cultural heritage.