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:

Geographical Context

A term describing how a specific geographic setting influences economic practices, social behavior, and cultural outcomes.

Ethical Guidelines

Principles designed to guide behavior and practices in a way that upholds moral and ethical standards.

Milgram's Study

An experiment conducted by psychologist Stanley Milgram in the 1960s to investigate obedience to authority figures, famously revealing people's willingness to follow orders that harm others.

Benefits Outweigh

A situation where the positive aspects or outcomes of a decision or action are more substantial than the negative ones.