An enterprise had the following opening and closing inventory balances in 2021: 1/1/21 12/31/21 Finished goods 90,000 105,000 260,000 130,000 Raw materials Work-in-progress 220,000 175,000 The following transactions and events occurred during 2021: > 300,000 of raw materials were purchased, of which 20,000 were returned because of defects. > 600,000 of direct labor costs were incurred. 750,000 of production overhead costs were incurred.

An enterprise had the following opening and closing inventory balances in 2021: 1/1/21 12/31/21 Finished goods 90,000 105,000 260,000 130,000 Raw materials Work-in-progress 220,000 175,000 The following transactions and events occurred during 2021: > 300,000 of raw materials were purchased, of which 20,000 were returned because of defects. > 600,000 of direct labor costs were incurred. 750,000 of production overhead costs were incurred.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

100%

The cost of goods sold for the year ended December 31, 2021 would be

a. 1,500,000

b. 1,650,000

c. 1,610,000

d. 1,480,000

An enterprise had the following opening and closing inventory balances in 2021:
1/1/21
12/31/21
Finished goods
90,000
105,000
260,000
130,000
Raw materials
Work-in-progress
220,000
175,000
The following transactions and events occurred during 2021:
> 300,000 of raw materials were purchased, of which 20,000 were returned because of defects.
> 600,000 of direct labor costs were incurred.
750,000 of production overhead costs were incurred.

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