Homework Answers
Answer 1:
Correct answer is:
c. Yes, it is $5,000
Explanation:
Cost of goods sold = Beginning Finished goods inventory + Cost of goods manufactured - Ending Finished goods inventory
Hence:
Cost of goods manufactured = Cost of goods sold - Beginning Finished goods inventory + Ending Finished goods inventory
= 7,000 - 10,000 + 8,000
= 5,000
Hence option c is correct and other options a, b and d are incorrect.
Answer 2:
Correct answer is:
c. Yes, it is $15,000
Explanation:
Raw material used = Beginning Raw material inventory + Raw material Purchased - Ending raw material inventory
Hence:
Raw material purchased = Raw material used - Beginning raw material inventory + Ending raw material inventory
=13,000 - 10,000 +12,000
=15,000
Hence option c is correct and other options a, b and d are incorrect.
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