Cromuel Corporation Has Provided the Following Data for January

question 37

Multiple Choice

Cromuel Corporation has provided the following data for January. The beginning balance in the raw materials inventory account was $27,000. During the month, the company made raw materials purchases amounting to $50,000. At the end of the month, the balance in the raw materials inventory account was $24,000. Direct labor cost was $53,000 and manufacturing overhead was $70,000. The beginning balance in the work in process account was $14,000 and the ending balance was $12,000. The beginning balance in the finished goods account was $33,000 and the ending balance was $51,000. Sales totaled $270,000. Selling expense was $21,000 and administrative expense was $48,000.
-The total manufacturing cost for January was:

• A) $70,000
• B) $123,000
• C) $176,000
• D) $173,000

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Definitions:

Data Points

Individual pieces of factual information collected from measurements or observations, used for analysis or calculation in a study or survey.

Significance Level

A statistical measure that determines the threshold at which the null hypothesis of a test is rejected.

Critical Value

A point on the scale of the test statistic beyond which we reject the null hypothesis, and it depends on the chosen significance level.

Independent Variables

Variables in a statistical model that are manipulated or changed to observe their effect on dependent variables.