Assume Direct Materials, Direct Labour and Factory Overhead for the Period

question 20

Multiple Choice

Assume direct materials, direct labour and factory overhead for the period total $700 000. If work in process at the start is $55 000 and work in process at the end is $40 000, what is the cost of goods manufactured?

• A) $700 000
• B) $735 000
• C) $685 000
• D) $715 000

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Definitions:

Credit Card Companies

Businesses that issue credit cards to consumers, extending a line of credit for purchases and cash advances.

Forged Checks

Illegally altered checks or the creation of counterfeit checks to fraudulently withdraw or obtain money.

Fraudulent Alteration

The unauthorized modification of a document with the intention to deceive for personal gain or to harm another party.

Liabilities

Financial or legal obligations that an entity is required to pay or resolve in the future.