Use the Cost Information Below for Laurels Company to Determine

question 17

Multiple Choice

Use the cost information below for Laurels Company to determine the cost of goods manufactured during the current year:

$\begin{array}{lr}\text { Direct materials used } & 5,000 \\\text { Direct labor } & 7,000 \\\text { Total factory overhead } & 5,100 \\\text { Beginning work in process } & 3,000 \\\text { Ending work in process } & 4,000\end{array}$

• A) $12,000.
• B) $16,100.
• C) $17,100.
• D) $18,100.
• E) $13,600.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from going back on a promise, even if it was made without formal consideration, when someone else has reasonably relied on that promise.

Statute of Frauds

A legal principle requiring certain types of contracts to be in writing and signed by the parties involved to be legally enforceable.

Statutory Novation

The replacement of an obligation to perform under a contract with a new obligation or party, as recognized by statute.

Effective Assignment

A transfer or allocation that fully accomplishes its intended purpose, often relating to tasks, responsibilities, or legal rights.