Given the Following Information,determine the Cost of Goods Sold A)$500,000
B)$608,000
C)$401,500
D)$296,500

question 199

Multiple Choice

Given the following information,determine the cost of goods sold. $$\begin{array} { | l | r | } \hline \text { Direct Labor Incurred } & \$ 62,000 \\\hline \text { Manufacturing Overhead Incurred } & 175,000 \\\hline \text { Direct Materials Used } & 150,000 \\\hline \text { Finished Goods Inventory, Jan. 1 } & 198,000 \\\hline \text { Finished Goods Inventory, Dec. 31 } & 98,500 \\\hline \text { Work-in-Process Inventory, Jan. 1 } & 221,000 \\\hline \text { Work-in-Process Inventory, Dec. 31 } & 108,000 \\\hline\end{array}$$

• A)$500,000
• B)$608,000
• C)$401,500
• D)$296,500

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Definitions:

Standard Quantity

The expected amount of materials or inputs required to produce a single unit of product under normal conditions.

Actual Materials Purchased

The total quantity and cost of raw materials bought by a company for production during a specific period.

Standard Price

A predetermined cost assigned to materials, labor, and overhead for budgeting and cost-control purposes.

Actual Cost

The true financial expenditure required to produce a product or service, as opposed to budgeted or standard costs.