South State,Inc

question 190

Multiple Choice

South State,Inc.used $153,000 of direct materials and incurred $63,000 of direct labor costs during the year.Indirect labor amounted to $270,000,while indirect materials used totaled $53,000.Other operating costs pertaining to the factory included utilities of $135,500; maintenance of $70,260; repairs of $53,400; depreciation of $133,000; and property taxes of $74,640.There was no beginning or ending finished goods inventory,but Work-in-Process inventory began the year with a $5,000 balance and ended the year with a $7,400 balance. How much is the cost of goods manufactured?

• A)$12,400
• B)$1,003,400
• C)$1,010,800
• D)$1,005,800

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Definitions:

General Public

The larger community of people in society who are not segmented by any specific interest or profession; the broad population.

Profit Responsibility

The obligation of an organization or individual to achieve financial gain while considering ethical and social impacts.

Owners

Individuals or entities that legally possess an item, property, or business, holding the rights to control, use, and dispose of it.

Stockholders

Individuals or entities that own shares in a corporation, giving them ownership stakes and sometimes the right to vote on corporate matters.