Use the Following Information to Compute the Cost of Goods

question 174

Multiple Choice

Use the following information to compute the cost of goods manufactured.Assume that all raw materials used were traceable to specific units of product:

• A)$36,650.
• B)$30,950.
• C)$30,650.
• D)$30,350.
• E)$31,650.

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Definitions:

Weighted-average

A calculation that takes into account both the quantity and the significance of the items being averaged.

FIFO

A cost flow assumption for inventory and financial accounting where the first goods purchased or produced are the first to be sold.

FIFO Inventory

An inventory costing method that assumes the items purchased or produced first are sold first, thereby remaining inventory consists of items added most recently.