6/ Calculate the cost of goods sold using the following information: Multiple Ch

Question

6/ Calculate the cost of goods sold using the following information:

Multiple Choice

$682,900.

$696,900.

$689,500.

$775,800.

$704,300.

7/ Using the information below, calculate cost of goods sold for the period:

Multiple Choice

$814,000.

$809,000.

$510,000.

$555,000.

$388,000.

Direct materials $ 299,300 Direct labor 132,800 Factory overhead costs 264,800 General and administrative expenses 86,300 Selling expenses 49,600 Work in Process inventory, January 1 119,300 Work in Process inventory, December 31 126,700 Finished goods inventory, January 1 232,900 Finished goods inventory, December 31 239,500

Explanation / Answer

6 Direct materials used 299300 Direct labor 132800 Factory overhead costs 264800 Work in Process inventory, January 1 119300 Work in Process inventory, December 31 -126700 Cost of goods manufactured 689500 Finished goods inventory, January 1 232900 Finished goods inventory, December 31 -239500 Cost of goods sold 682900 7 Cost of goods manufactured 560000 Finished goods inventory, January 1 56000 Finished goods inventory, December 31 -61000 Cost of goods sold 555000

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