Econo Company
in July, Econo Company Purchased Materials Costing $21,000

question 91

Multiple Choice

Econo Company
In July, Econo Company purchased materials costing $21,000 and incurred direct labour cost of $18,000. Manufacturing overhead totalled $32,000 for the month. Information on inventories was as follows: $\begin{array}{lrr}&\text { July } 1& \text { July } 31\\\text { Materials } & \$ 6,200 & \$ 7,100 \\\text { Work-in-process } & \$ 700 & \$ 1,200 \\\text { Finished goods } & \$ 3,300 & \$ 2,700\end{array}$
-Refer to Bowring Company. What was the cost of goods sold for the year?

• A) $40,000
• B) $50,000
• C) $60,000
• D) $100,000

Comprehend the importance of monitoring and applying critical thinking in various aspects of life, including professional environments.

Understand changes in American birthrates and demographic patterns between 1800-1860.

Recognize the significance and timeline of the railroad era and other technological advancements.

Comprehend major legal milestones affecting labor rights and the labor movement.

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Definitions:

Supply Chain Cost

All expenses incurred in the production, handling, and distribution of a product or service, from raw materials to delivery to the end user.

Responsiveness

The ability of a company, organization, or system to quickly and effectively react to changes, inquiries, or demands.

Total Demand

The entire quantity of a product or service that consumers in a market are willing and able to buy over a specified time period, given all other factors being constant.

Market Share

The portion of a market controlled by a particular company or product, usually expressed as a percentage of total sales in that market.