Using the Information Below, Calculate the Cost of Goods Manufactured

question 75

Multiple Choice

Using the information below, calculate the cost of goods manufactured for the period: $\begin{array}{lr}\text { Beginning Raw Materials Inventory } & \$ 25,000 \\\text { Ending Raw Materials Inventory } & 30,000 \\\text { Beginning Work in Process Inventory } & 55,000 \\\text { Ending Work in Process Inventory } & 64,000 \\\text { Beginning Finished Goods Inventory } & 80,000 \\\text { Ending Finished Goods Inventory } & 67,000 \\\text { Cost of Goods Sold for the period } & 540,000 \\\text { Sales Revenues for the period } & 1,254,000 \\\text { Operating Expenses for the period } & 232,000\end{array}$

• A) $553,000.
• B) $536,000.
• C) $549,000.
• D) $527,000.
• E) $525,000.

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Definitions:

Quantity of Output

The total amount of a product or service that is produced by a company or an economy.

Short Run

A period in economics during which at least one factor of production is fixed, typically understood as a timeframe insufficient for adjusting all inputs.

Aggregate Demand

Summation of demand for all goods and services in an economy, factored at a certain price level and within a definite time span.

Unemployment

The condition where individuals who are capable of working and are actively seeking a job are unable to find employment.