The CFO of Stoffer Corporation Has Provided the Following Data

question 20

Multiple Choice

The CFO of Stoffer Corporation has provided the following data for October. The beginning balance in the raw materials inventory account was $39,000. During the month, the company made raw materials purchases amounting to $68,000. At the end of the month, the balance in the raw materials inventory account was $28,000. Direct labor cost was $29,000 and manufacturing overhead was $78,000. The beginning balance in the work in process account was $11,000 and the ending balance was $13,000. The beginning balance in the finished goods account was $37,000 and the ending balance was $47,000. Sales totaled $240,000. Selling expense was $21,000 and administrative expense was $27,000.
-The cost of goods sold for October was:

• A) $194,000
• B) $230,000
• C) $128,000
• D) $174,000

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Definitions:

Military Assistance

Support and aid provided by the military, which can include defensive aid, training, or the supply of weapons and equipment to other countries or entities.

United States

A country primarily located in North America, consisting of 50 states, a federal district, five major self-governing territories, and various possessions.

Israel

A country in the Middle East, established in 1948, known for its historical and religious significance.

World Bank

An international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects.