Far Out Ceramics makes custom macaroni tile and applies job-order costin(G) The
ID: 2351348 • Letter: F
Question
Far Out Ceramics makes custom macaroni tile and applies job-order costin(G) The following information relates to the fiscal year ending December 31, 20XX.Beginning balance in Raw Materials Inventory $ 12,500
Purchases of raw material 189,000
Ending balance in Raw Materials Inventory 14,300
Beginning balance in Work in Process 24,500
Ending balance in Work in Process 23,100
Direct labor cost 89,700
Manufacturing overhead applied 66,200
Actual manufacturing overhead 64,100
Beginning balance in Finished Goods 0
Ending balance in Finished Goods 24,300
Sales 432,000
Selling expenses 120,000
General and administrative expenses 86,000
How much is cost of goods sold?
@
Beginning balance in Finished Goods
0
Beginning balance in Work in Process
24,500
Beginning balance in Raw Materials Inventory
12,500
Purchases of raw material
189,000
Ending balance in Raw Materials Inventory
14,300
211,700
Direct labor cost
89,700
Manufacturing overhead applied
66,200
Ending balance in Work in Process
23,100
Cost of Goods Manufactured
344,500
Ending balance in Finished Goods
24,300
Cost of Goods Sold
320,200
(Points : 2)
$320,200
$348,200
$343,600
$371,300
Explanation / Answer
$348,200
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