High Return Manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold for this company is: A. $21,200. B. $29,300. C. $32,500. D. $47,100. E. $27,600. Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for next year. Beginning Inventory Ending Inventory Raw material* 55,000 Finished goods 95,000 65,000 65,000 * Three pounds of raw material are needed to produce each unit of finished product. If Paradise Corporation plans to sell 555,000 units during next year, the number of units it would have to manufacture during the year would be: a. 525,000 units b. 500,000 units c. 555,000 units d. 585,000 units
High Return Manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold for this company is: A. $21,200. B. $29,300. C. $32,500. D. $47,100. E. $27,600. Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for next year. Beginning Inventory Ending Inventory Raw material* 55,000 Finished goods 95,000 65,000 65,000 * Three pounds of raw material are needed to produce each unit of finished product. If Paradise Corporation plans to sell 555,000 units during next year, the number of units it would have to manufacture during the year would be: a. 525,000 units b. 500,000 units c. 555,000 units d. 585,000 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:High Return Manufacturing company has a beginning finished
goods inventory of $14,600, raw material purchases of $18,000,
cost of goods manufactured of $32,500, and an ending finished
goods inventory of $17,800. The cost of goods sold for this
company is:
A. $21,200.
B. $29,300.
C. $32,500.
D. $47,100.
E. $27,600.
Paradise Corporation budgets on an annual basis for its fiscal
year. The following beginning and ending inventory levels (in
units) are planned for next year.
Beginning Inventory Ending Inventory
Raw material* 55,000
Finished goods 95,000
65,000
65,000
* Three pounds of raw material are needed to produce each
unit of finished product.
If Paradise Corporation plans to sell 555,000 units during next
year, the number of units it would have to manufacture during
the year would be:
a. 525,000 units
b. 500,000 units
c. 555,000 units
d. 585,000 units
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