Raw materials inventory, January 1 $20,000 Raw materials inventory, December 31

Question

Raw materials inventory, January 1 $20,000 Raw materials inventory, December 31 10,000 Work in process inventory, January 1 6,000 Work in process inventory, December 31 9,000 Finished goods inventory, January 1 16,000 Finished goods inventory, December 31 20,000 Raw materials purchases 400,000 Direct labor 200,000 Factory utilities 75,000 Indirect labor 45,000 Factory depreciation 180,000 Selling & administrative expenses 210,000 Assume goods manufactured is $870,000. The cost of goods sold is: Question 27 options: $867,000. $866,000. $874,000. $870,000.

Explanation / Answer

Answer=$866000

Cost of goods sold= Good manufactured cost+ Opening finished goods- closing finished goods

Cost of goods sold= 870000+16000-20000

Cost of goods sold= $866000

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.