Beginning Inventory Consisted of 1,000 Units with Costs of $31,000

question 42

Multiple Choice

Beginning inventory consisted of 1,000 units with costs of $31,000. All materials and 60 percent of labor and overhead were added in the prior period. In addition, another 8,000 units were started and completed. Unit costs are materials, $8.00; labor, $20.00; overhead, $9.00. What is the total cost of goods transferred out using FIFO?

• A)$296,000
• B)$338,600
• C)$332,400
• D)$338,000

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Definitions:

Power Structure

The organization and distribution of power within a society, determining how decisions are made and who holds influence.

Social Facts

General social features that exist on their own and are independent of individual manifestations.

Verstehen

A german term used by Max Weber to denote the importance of understanding social action from the perspective of those engaged in it.

Sociological Imagination

The ability to see the relationship between individual experiences and the larger society, a concept coined by C. Wright Mills.