Claire Corporation's trial balance includes the following expenses:Raw materials used in productionRaw materials purchasedGeneral manager salary$5,5006,50050,00030,000130,000General liability insurance premium3,000Factory rent24,000Office lease18,000Factory utilities12,000Depreciation on factory equipment14,000Assuming no change in the work in process and finished goods inventory balances for the year, what total amount should Claire report as a product expense?Sales manager salaryDirect labor incurredSelect one:a. $236,500b. $185,500c. $186,500d. $171,500

Product expense is the cost incurred by the entity on the production or making of the goods. It…

Claire Corporation's trial balance includes the following expenses: Raw Raw materials purchased General manager salary Sales manager salary Direct labor incurred General liability insurance premium Factory rent Office lease Factory utilities Depreciation on factory equipment $5,500 6,500 50,000 30,000 130,000 3,000 24,000 18,000 12,000 14,000 Assuming no change in the work in process and finished goods inventory balances for the year, what total amount should Claire report as a product expense? materials used in production Select one: O a. $236,500 O b. $185,500 c. $186,500 d. $171,500 O O

Claire Corporation's trial balance includes the following expenses: Raw Raw materials purchased General manager salary Sales manager salary Direct labor incurred General liability insurance premium Factory rent Office lease Factory utilities Depreciation on factory equipment $5,500 6,500 50,000 30,000 130,000 3,000 24,000 18,000 12,000 14,000 Assuming no change in the work in process and finished goods inventory balances for the year, what total amount should Claire report as a product expense? materials used in production Select one: O a. $236,500 O b. $185,500 c. $186,500 d. $171,500 O O

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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