Given the Following Information, Determine the Cost of Goods Sold

question 71

Multiple Choice

Given the following information, determine the cost of goods sold.
$\begin{array}{|r|r|}\hline \text { Direct labor incurred } & \$ 126,000 \\\hline \text { Manufacturing overhead incurred } & 359,000 \\\hline \text { Direct materials used } & 1,000 \\\hline \text { Finished goods inventory, } 1 / 1 / 2012 & 395,000 \\\hline \text { Finished goods inventory, } 12 / 31 / 2012 & 442,000 \\\hline \text { Work in process inventory, } 1 / 1 / 2012 & 193,000 \\\hline \text { Work in process inventory, } 12 / 31 / 2012 & 218,000 \\\hline\end{array}$

• A) $781,000
• B) $461,000
• C) $731,000
• D) $414,000

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Definitions:

Online Retail Store

A digital platform where goods or services are sold directly to consumers over the internet.