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

Step 1: Define Cost of Goods SoldFrom the total goods manufactured during a given period, some goods…

Answered: Dolan Company's accounting records…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Inventory balances for the Jameson Company in October 2018 are as follows: October 1, 2018 October 31, 2018 Raw materials $ 20,000 $21,000 Work in process 48,000 37,200 Finished goods 108,000 90,000 During October, purchases of direct materials were $36,000. Direct labor and factory overhead costs were $60,000 and $84,000, respectively. What is the cost of materials used in production?

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