Calculate the Cost of Goods Manufactured Using the Following Information

question 166

Multiple Choice

Calculate the cost of goods manufactured using the following information: $\begin{array}{lr}\text { Direct materials used } & \$ 298,500 \\\text { Direct labor used } & 132,000 \\\text { Factory overhead costs } & 264,000 \\\text { General and administrative expenses } & 85,500 \\\text { Selling expenses } & 48,800 \\\text { Work in Process inventory, January 1 } & 118,500 \\\text { Work in Process inventory, December 31 } & 125,900 \\\text { Finished goods inventory, January 1 } & 232,100 \\\text { Finished goods inventory, December 31 } & 238,700\end{array}$

• A) $680,500.
• B) $701,900.
• C) $687,100.
• D) $674,600.
• E) $772,600.

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Definitions:

Moral Reasoning

The thought process involved in determining right from wrong and making ethical decisions.

Social Contract

A theory in political philosophy suggesting that people's moral and political obligations are dependent upon a contract or agreement among them to form the society in which they live.