Use the Following Information to Compute the Cost of Goods

question 38

Multiple Choice

Use the following information to compute the cost of goods sold for the period:
$\begin{array}{lr}\text { Beginning raw materials } & \$ 5,500 \\\text { Ending raw materials } & 4,000 \\\text { Direct labor } & 12,250 \\\text { Raw material purchases } & 7,400 \\\text { Depreciation on factory equipment } & 6,500 \\\text { Factory repairs and maintenance } & 3,300 \\\text { Beginning finished goods inventory } & 10,200 \\\text { Ending finished goods inventory } & 8,900 \\\text { Beginning goods in process inventory } & 5,700 \\\text { Ending goods in process inventory } & 6,300\end{array}$

• A) $36,650
• B) $30,950
• C) $30,650
• D) $30,350
• E) $31,650

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise that the other party has reasonably relied on to their detriment.

Restitution

A remedy in law requiring a party to restore the victim to the position they were in before the wrongful act.

Parol Evidence Rule

A legal principle that prevents the introduction of verbal statements that are outside the written contract, intended to clarify or contradict the document's terms.

Typographical Error

A mistake made in the typed or printed text, often referred to as a typo.