Calculate the Cost of Goods Sold Using the Following Information

question 225

Multiple Choice

Calculate the cost of goods sold using the following information: $\begin{array} { l c } \text { Direct materials } & \$ 298,500 \\\text { Direct labor } & 132,000 \\\text { Factory overhead costs } & 264,000 \\\text { General and administrative expenses } & 85,500 \\\text { Selling expenses } & 48,800 \\\text { Work in Process inventory, January } & 1118,500 \\\text { Work in Process inventory, December 31 } & 125,900 \\\text { Finished goods inventory, January 1 } & 232,100 \\\text { Finished goods inventory, December 31 } & 238,700\end{array}$

• A) $701,900.
• B) $680,500.
• C) $772,600.
• D) $674,600.
• E) $687,100.

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Definitions:

T-test

A statistical test used to compare the means of two groups and determine if they are statistically significantly different.

Correlation Coefficient

A statistical measure that describes the extent to which two variables change together, and the strength of their relationship.

Independent Variable

The variable in an experiment that is manipulated or changed by the researcher to observe its effect on the dependent variable.

Dependent Variable

The variable in an experiment that is expected to change in response to manipulations of the independent variable.