Multiple Choice Question 119 Using $3040000 as the cost of goods manufactured, c

Question

Multiple Choice Question 119 Using $3040000 as the cost of goods manufactured, compute the cost of goods sold using the following information Raw materials inventory, January 1$ 20000 Raw materials inventory, December 31 40000 Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods, December 31 Raw materials purchases Direct labor Factory utilities Indirect labor Factory depreciation Operating expenses 18000 12000 40000 32000 1700000 760000 150000 50000 400000 420000 $3046000. $3048000. $3032000. $3008000.

Explanation / Answer

Finished goods inventory, Jan 1 40000 Add: Cost of goods manufactured 3040000 Cost of goods available for sale 3080000 Less: Finished goods inventory, Dec 31 32000 Cost of goods sold 3048000 Option 2 is correct

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