An entity provided the following information for the current year: Increase in raw materials inventory 150,000 Decrease in goods in process inventory 200,000 Decreased in finished goods inventory 350,000 Raw materials purchased 4,300,000 Direct labor payroll 2,000,000 Factory overhead 3,000,000 Freight out 450,000 Freight in 250,000 What is the cost of goods sold for the current year? a. 9,950,000 c. 9,250,000 b. 9,550,000 d. 9,150,000

An entity provided the following information for the current year: Increase in raw materials inventory 150,000 Decrease in goods in process inventory 200,000 Decreased in finished goods inventory 350,000 Raw materials purchased 4,300,000 Direct labor payroll 2,000,000 Factory overhead 3,000,000 Freight out 450,000 Freight in 250,000 What is the cost of goods sold for the current year? a. 9,950,000 c. 9,250,000 b. 9,550,000 d. 9,150,000

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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An entity provided the following information for the current year:
Increase in raw materials inventory                                                          150,000
            Decrease in goods in process inventory                                                     200,000
            Decreased in finished goods inventory                                                       350,000
            Raw materials purchased                                                                          4,300,000
            Direct labor payroll                                                                                      2,000,000
            Factory overhead                                                                                       3,000,000
            Freight out                                                                                                        450,000
            Freight in                                                                                                           250,000

What is the cost of goods sold for the current year?
a. 9,950,000 c. 9,250,000
b. 9,550,000 d. 9,150,000

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