Randall Company manufactures products to customer specifications. A job costing system is used to accumulate production costs. Factory overhead cost was applied at 125% of direct labor cost. Selected data concerning the past year's operation of the company are presented below. January 1 December 31 Direct materials $77,000 $40,000 Work in process 66,000 42,000 Finished goods 115,000 100,000 Other information Direct materials purchases Cost of goods available for sale Actual factory overhead costs $324,000 950,000 260,000 The cost of goods manufactured during the year is: $811,000. O $672,000. O $850,000. O $348,000. $835,000.

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Chapter1: Financial Statements And Business Decisions
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Randall Company manufactures products to customer specifications. A job costing system is
used to accumulate production costs. Factory overhead cost was applied at 125% of direct
labor cost. Selected data concerning the past year's operation of the company are presented
below.
January 1 December 31
Direct materials
$77,000
$40,000
Work in process
66,000
42,000
Finished goods
115,000
100,000
Other information
Direct materials purchases
Cost of goods available for
sale
Actual factory overhead costs
$324,000
950,000
260,000
The cost of goods manufactured during the year is:
$811,000.
O $672,000.
O $850,000.
O $348,000.
$835,000.
Transcribed Image Text:Randall Company manufactures products to customer specifications. A job costing system is used to accumulate production costs. Factory overhead cost was applied at 125% of direct labor cost. Selected data concerning the past year's operation of the company are presented below. January 1 December 31 Direct materials $77,000 $40,000 Work in process 66,000 42,000 Finished goods 115,000 100,000 Other information Direct materials purchases Cost of goods available for sale Actual factory overhead costs $324,000 950,000 260,000 The cost of goods manufactured during the year is: $811,000. O $672,000. O $850,000. O $348,000. $835,000.
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