Following Information for the Year 2012 - What Was the Amount of the Cost of }

question 96

Multiple Choice

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

• A) $591,000
• B) $579,000
• C) $619,000
• D) $607,000

Grasp the necessary steps in planning and organizing presentations.

Manage and adapt to audience feedback and interactions during presentations.

Comprehend the role of planning and practice in overcoming public speaking apprehension.

Create engaging and cognitively manageable slides for presentations.

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Definitions:

Partnership Interest

An owner's share of the profits and losses, and rights and obligations, in a partnership.

Recognized Gain

The amount of profit realized from the sale or exchange of an asset that must be reported for tax purposes.

Cash Distribution

The payment of cash to shareholders or partners as part of the profits or surplus.

Self-employment Income

Income derived from running a business as a sole proprietor, independent contractor, or freelancer, as opposed to earning a salary or wages from an employer.