Using the information below, calculate the cost of goods manufactured for the period: Beginning Raw Materials...

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Question

Using the information below, calculate the cost of goods manufactured for the period: Beginning Raw Materials...

Using the information below, calculate the cost of goods manufactured for the period:

Beginning Raw Materials Inventory $ 40,000

Ending Raw Materials Inventory 31,600

Beginning Work in Process Inventory 70,000

Ending Work in Process Inventory 79,000

Beginning Finished Goods Inventory 102,500

Ending Finished Goods Inventory 82,000

Cost of Goods Sold for the period 555,000

Sales revenues for the period 1,269,000

Operating expenses for the period 247,000

Multiple Choice

$534,500.

$580,200.

$575,500.

$564,000.

$543,500.

business accounting

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Answer 1

Answer #1

Solution:

Cost of goods manufactured = cost of goods sold + Ending Finished Goods Inventory - Beginning Finished Goods Inventory

= $555000 + $82000 - $102500

= $534,500

Hence first option is correct.

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Answer 2

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Using the information below, calculate the cost of goods manufactured for the period: Beginning Raw Materials...

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