Given the Following Information,determine the Cost of Goods Sold A)$504,500
B)$613,500
C)$604,000
D)$296,500

question 123

Multiple Choice

Given the following information,determine the cost of goods sold. $$\begin{array} { | l | r | } \hline \text { Direct Labor Incurred } & \$ 61,000 \\\hline \text { Manufacturing Overhead Incurred } & 176,500 \\\hline \text { Direct Materials Used } & 154,000 \\\hline \text { Finished Goods Inventory, Jan. 1 } & 198,000 \\\hline \text { Finished Goods Inventory, Dec. } 31 & 98,500 \\\hline \text { Work-in-Process Inventory, Jan. 1 } & 222,000 \\\hline \text { Work-in-Process Inventory, Dec. 31 } & 109,000 \\\hline\end{array}$$

• A)$504,500
• B)$613,500
• C)$604,000
• D)$296,500

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Definitions:

Outstanding Checks

Checks that have been written and recorded in the paying entity's accounting system but have not yet been cashed or cleared by the bank.

Purchase Requisitions

Purchase requisitions are formal requests made within an organization to purchase goods or services, typically before a purchase order is created and allocated the necessary budget.

Purpose

The purpose behind why something is done, created, or exists.

Petty Cash Fund

A small amount of cash on hand used for minor or incidental expenses within a business.