Answer the Following Questions Using the Information Below -What Is the Cost of Goods Manufactured for 2015?
A)

question 162

Multiple Choice

Answer the following questions using the information below:
$\begin{array}{lr}\text { Beginuing finished goods, 1/1/2015 } & \$ 92,000 \\\text { Ending finished goods, 12/31/2015 } & 75,000 \\\text { Cost of goods sold } & 300,000 \\\text { Sales revenue } & 450,000 \\\text { Operating expenses } & 95,000\end{array}$
-What is the cost of goods manufactured for 2015?

• A) $285,000
• B) $277,000
• C) $283,000
• D) $350,000

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Definitions:

Labor

The human effort, whether physical or mental, that is used in the production of goods and services.

Law of Diminishing Returns

An economic principle stating that adding more of one factor of production, while keeping others constant, will at some point yield lower per-unit returns.

Marginal Product

The additional output produced as a result of utilizing one more unit of input, holding all other inputs constant.

Total Product

The total quantity of output produced by a firm or an economy within a certain period, often considered in relation to inputs used.