The Following Information Appears on the Statement of Cost of Goods

question 35

Multiple Choice

The following information appears on the Statement of Cost of Goods Manufactured for the Coleman Company at the end of the year. $\begin{array}{lr}\text { Raw Materials Used } & \$ 50,000 \\\text { Manufacturing Overhead } & 60,000 \\\text { Total Manufacturing Costs } & 170,000 \\\text { Work in Process Inventory, January 1 } & 10,000 \\\text { Cost of Goods Manufactured } & 150,000\end{array}$ The cost for Direct Labor was:

• A) $40,000.
• B) $60,000.
• C) $110,000.
• D) $120,000. Direct Labor = Total Manufacturing Costs - Raw Material Used - Manufacturing Overhead = 170,000 - 50,000 - 60,000 = 60,000.

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Definitions:

Contingency Table

A table used in statistics to show the frequency distribution of variables, and analyze the relationship between categorical variables.

Qualitative Variables

Variables that categorize or describe attributes or properties of objects, individuals, or conditions, without using numerical values.

Contingency Table

A table used in statistics to display the frequency distribution of variables, helping in analyzing the relationship between different categorical variables.

Frequency of Occurrence

The rate at which a particular event or outcome happens within a specific interval of time or within a given data set.