A corporation used $34,000 of direct materials. It incurred $74,000 in direct labor costs and $112,500 in manufacturing overhead costs during the period. What is the cost of goods manufactured if the beginning and ending Work-in-Process Inventories were $27,500 and $20,500, respectively?
A) $248,000
B) $227,500
C) $213,500
D) $220,500
B) $227,500
Cost of goods manufactured = Beginning Work-in-Process Inventory + Direct Materials +
Direct Labor Cost + Manufacturing Overhead Costs - Ending Work-in-Process Inventory = $27,500 +
$34,000 + $74,000 + $112,500 - $20,500 = $227,500
You might also like to view...
Which of the following can be categorized as a strategic customer-based value metrics?
A) RFM value B) acquisition cost C) market share D) share of wallet
Generally accepted accounting principles
a. are changing continually. b. are sound in theory but rarely used in practice. c. have eliminated all the weaknesses in accounting practice. d. are accounting rules formulated by the Internal Revenue Service.
Philosophical ethics denies that conformity and obedience are the best guides to how we should live.
Answer the following statement true (T) or false (F)
Coca-Cola's Minute Maid unit is introducing a new beverage called Minute Maid Premium Limeade; it is a refrigerated limeade. The primary promotional objective of marketing communications for the new product should be to create awareness
Indicate whether the statement is true or false