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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 Finished goods inventory $190,000 $260,000 $160,000 $150,000 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 Finished goods inventory $190,000 $260,000 $160,000 $150,000 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.

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...
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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 Finished goods inventory $190,000 $260,000 $160,000 $150,000 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 Finished goods inventory $190,000 $260,000 $160,000 $150,000 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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