Following Information for the Year 2012 - How Much Is the Cost of Goods Sold

question 140

Multiple Choice

following information for the year 2012:
$$\begin{array} { l r } \text { Beginning balance-work in process inventory } & \$ 12,000 \\\text { Ending balance-work in process inventory } & \$ 28,000 \\\text { Beginning balance-direct materials inventory } & \$ 42,000 \\\text { Ending balance-direct materials inventory } & \$ 30,000 \\\text { Purchases-direct materials } & \$ 180,000 \\\text { Direct labor } & \$ 235,000 \\\text { Indirect materials } & \$ 23,500 \\\text { Indirect labor } & \$ 9,500 \\\text { Depreciation on factory plant \& equipment } & \$ 12,000 \\\text { Plant utilities \& insurance } & \$ 135,000\end{array}$$
- How much is the cost of goods sold?

• A) $682,500
• B) $598,500
• C) $549,000
• D) $682,000

Understand the concept of unbiased and biased estimators.

Recognize the importance of sample size in the accuracy of estimators.

Distinguish between point and interval estimates.

Identify characteristics of good estimators: unbiasedness, consistency, and relative efficiency.

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Definitions:

Displacement

A term referring to things and events removed in time and space.

Linguistic Relativism

The concept that the structure and vocabulary of a language influence its speakers' perception and categorization of the world.

Contrasting Tones

Employing distinctly different pitches, colors, or attitudes in speech, writing, art, or music to highlight differences or create effects.

Whistling

Producing a high-pitched sound by forcing air through a small hole formed by the lips, teeth, or objects, often used as a form of communication or musical expression.