Question

ACG 2071 Spring 2019 Quiz: CH 2 Quiz This Question: 1 pt Fit Apparel Company reports the following data for its first year of operation Cost of goods manufactured Work in process inventory, beginning Work in process inventory, ending Direct materials used Direct Labor Manufacturing overhead Finished goods inventory, beginning Finished goods inventory, ending $155,800 90,500 85,400 60,000 100,900 70,500 What is the cost of goods sold? ⓔA. S155800 OB· 5342.100 Ос. s160 900 e D. $85.300

Answer 1

Answer 1.

Cost of goods manufactured - $155,800

(Less) Finished goods inventory, ending - $70,500

Cost of goods sold - $85,300

Answer 2.

Depreciation on sales office         9,500

Sales commissions    23,800

Costs of delivery to customers    9,700

Utilities in sales office    26,000

Total period cost – $69,000

Answer 3.

Cost of goods manufactured	700
Add: Ending work in process inventory	150
(Less): Beginning work in process inventory	(330)
(Less): Direct labor	(130)
(Less): Direct materials used	(210)
Manufacturing overhead	180