Ting Company Started the Accounting Period with the Following Beginning

question 55

Multiple Choice

Ting Company started the accounting period with the following beginning balances: Raw Materials Inventory,$21,000; Work in Process Inventory,$45,000; and Finished Goods Inventory,$10,000.During the accounting period,the company purchased $30,000 of raw materials and ended the period with $8,000 in raw material inventory.Direct labor costs for the period were $60,000,and $63,000 of manufacturing overhead costs were allocated to work in process.There was no over- or underapplied overhead.Ending work in process was $41,000 and ending finished goods was $17,500.Goods were sold during the period for $162,500.The amount of cost of goods manufactured (i.e.,amount transferred from work in process to finished goods) would be:

• A) $117,500.
• B) $170,000.
• C) $221,000.
• D) $166,000.

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