Dolan Company\'s accounting records reflect the following inventories Raw materi

Question

Dolan Company's accounting records reflect the following inventories Raw materials inventory Work in process inventory Finished goods inventory ec. 31, 2013 $310,000 300,000 190,000 Dec. 31, 2012 $260,000 160,000 150,000 During 2013, $600,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000 If Dolan Company's cost of goods manufactured for 2013 amounted to $1,390,000, its cost of goods sold for the year is $1,500,000 b. $1,250,000 | C. $1,350,000 d. $1,430,000

Explanation / Answer

Cost of goods sold = Beginning finished goods inventory+Cost of goods manufactured-Ending finished goods inventory

                               = 150000+1390000-190000

Cost of goods sold = 1350000

so answer is c) $13,50,000

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