2-The following cost data for the month of May were taken from the records of the Terrence Manufacturing Company: Depreciation on factory equipment Depreciation on sales office Advertising Wages of production workers Raw materials used Sales salaries and commissions Factory rent Factory insurance Materials handling Administrative salaries $1,000 Purchases 500 Beginning inventory Ending inventory Freight-in Freight-out 7,000 28,000 47,000 10,000 2,000 500 1,500 Based upon this information, the manufacturing cost incurred during the month was: 2,000 3-Tulsa Company, (a merchandising Co.) has the following data pertaining to the year ended December 31, 2016: $450,000 170.000 210.000 50.000 75.000 What is the cost of goods sold for the year?
2-The following cost data for the month of May were taken from the records of the Terrence Manufacturing Company: Depreciation on factory equipment Depreciation on sales office Advertising Wages of production workers Raw materials used Sales salaries and commissions Factory rent Factory insurance Materials handling Administrative salaries $1,000 Purchases 500 Beginning inventory Ending inventory Freight-in Freight-out 7,000 28,000 47,000 10,000 2,000 500 1,500 Based upon this information, the manufacturing cost incurred during the month was: 2,000 3-Tulsa Company, (a merchandising Co.) has the following data pertaining to the year ended December 31, 2016: $450,000 170.000 210.000 50.000 75.000 What is the cost of goods sold for the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![2-The following cost data for the month of May were taken from the records of the Terrence Manufacturing
Company:
Depreciation on factory equipment
Depreciation on sales office
Advertising
Wages of production workers
Raw materials used
Sales salaries and commissions
Factory rent
Factory insurance
Materials handling
Administrative salaries
Purchases
$1,000
Beginning inventory
Ending inventory
Freight-in
500
Freight-out
7,000
28,000
47,000
10,000
2,000
500
Based upon this information, the manufacturing cost incurred during the month was:
1,500
3-Tulsa Company, (a merchandising Co.) has the following data pertaining to the year ended December 31, 2016:
2,000
$450.000
170.000
210.000
50.000
75.000
What is the cost of goods sold for the year?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2db80c18-3668-4513-962c-1c18376d00eb%2F68067ce2-193a-416b-b331-1e4dc7709072%2F1llzkc9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2-The following cost data for the month of May were taken from the records of the Terrence Manufacturing
Company:
Depreciation on factory equipment
Depreciation on sales office
Advertising
Wages of production workers
Raw materials used
Sales salaries and commissions
Factory rent
Factory insurance
Materials handling
Administrative salaries
Purchases
$1,000
Beginning inventory
Ending inventory
Freight-in
500
Freight-out
7,000
28,000
47,000
10,000
2,000
500
Based upon this information, the manufacturing cost incurred during the month was:
1,500
3-Tulsa Company, (a merchandising Co.) has the following data pertaining to the year ended December 31, 2016:
2,000
$450.000
170.000
210.000
50.000
75.000
What is the cost of goods sold for the year?
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