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Dolan Company's accounting records reflect the following inventories: Dec. 31, 2013 Dec. 31, 2012 Raw materials inventory $310,000 Work in process inventory $300,000 $260,000 $160,000 $150,000 Finished goods inventory $190,000 If Dolan Company's cost of goods manufactured for 2013 amounted to $1,390,000, its cost of goods sold for the year is: A) $1,500,000. B) $1,250,000. C) $1,350,000. D) $1,430,000.

Dolan Company's accounting records reflect the following inventories: Dec. 31, 2013 Dec. 31, 2012 Raw materials inventory $310,000 Work in process inventory $300,000 $260,000 $160,000 $150,000 Finished goods inventory $190,000 If Dolan Company's cost of goods manufactured for 2013 amounted to $1,390,000, its cost of goods sold for the year is: A) $1,500,000. B) $1,250,000. C) $1,350,000. D) $1,430,000.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 33BE
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Dolan Company's accounting records reflect the following inventories: Dec. 31, 2013 Dec. 31, 2012 Raw materials inventory $310,000 Work in process inventory $300,000 $260,000 $160,000 $150,000 Finished goods inventory $190,000 If Dolan Company's cost of goods manufactured for 2013 amounted to $1,390,000, its cost of goods sold for the year is: A) $1,500,000. B) $1,250,000. C) $1,350,000. D) $1,430,000.
Transcribed Image Text:Dolan Company's accounting records reflect the following inventories: Dec. 31, 2013 Dec. 31, 2012 Raw materials inventory $310,000 Work in process inventory $300,000 $260,000 $160,000 $150,000 Finished goods inventory $190,000 If Dolan Company's cost of goods manufactured for 2013 amounted to $1,390,000, its cost of goods sold for the year is: A) $1,500,000. B) $1,250,000. C) $1,350,000. D) $1,430,000.
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