Using the Information Below, Calculate the Cost of Goods Manufactured

question 207

Multiple Choice

Using the information below, calculate the cost of goods manufactured for the period: $\begin{array}{lc}\text { Beginning Raw Materials Inventory } & \$ 25,000 \\\text { Ending Raw Materials Inventory } & 30,000 \\\text { Beginning Work in Process Inventory } & 55,000 \\\text { Ending Work in Process Inventory } & 64,000 \\\text { Beginning Finished Goods Inventory } & 80,000 \\\text { Ending Finished Goods Inventory } & 67,000 \\\text { Cost of Goods Sold for the period } & 540,000 \\\text { Sales revenues for the period } & 1,254,000\\\\\text { Operating expenses for the period}&232,000\end{array}$

• A) $536,000.
• B) $525,000.
• C) $553,000.
• D) $549,000.
• E) $527,000.

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Definitions:

Positive Linear Relationship

A direct correlation between two variables where an increase in one variable results in an increase in the other.

Population Coefficient

A parameter that represents a characteristic or measure of an entire population.

Significance Level

A statistical term that measures the probability of rejecting the null hypothesis when it is actually true, often denoted by alpha (α).

Higher Sales

An increase in the quantity of goods or services sold, often regarded as a key indicator of business performance and growth.