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Richards Company manufactures a single product. All raw materials used are traceable to specific units of product. Current in

Mulpie choice Cost of Materials Used $101,000 Cost of Goods Manufactured $326,000 Cost of Goods Sold $316,000 $103,000 $326,0

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Answer #1

Answer : Option D

Cost of Material used = $ 99,000

Cost of Goods Manufactured = $ 326,000

Cost of Goods Sold = $ 336,000

Explanation;  

1. Cost of Raw Materials Used

Cost of Raw Materials = Beginning Inventory + Purchases - Ending Inventory

= $21,000 + $101,000 - $23,000 = $99,000

B) Cost of Goods Manufactured

Cost of Goods Manufactured = Beginning Work in process Inventory + Direct Material + Direct Labor+ Factory Overhead - Ending Work in process

= $ 51,000 + $99,000 + $141,000 + $71,000 - $36,000

= $ 326,000

3. Cost of Goods Sold =:Beginning Inventory + Production During Period - Ending Inventory

= $66,000 + $326,000 - $56,000 = $336,000

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