Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases $ 28,000 30,000 108,000 Beginning work in process inventory 58,000 Ending work in process inventory 43,000 Direct labor 148,000 Total factory overhead 78,000 Beginning finished goods inventory 73,000 Ending finished goods inventory 63,000 The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Option A Option B Cost of Cost of Goods Materials Used Manufactured $108,000 $110,000 $347,000 $347,000 Cost of Goods Sold $337,000 $357,000

Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases $ 28,000 30,000 108,000 Beginning work in process inventory 58,000 Ending work in process inventory 43,000 Direct labor 148,000 Total factory overhead 78,000 Beginning finished goods inventory 73,000 Ending finished goods inventory 63,000 The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Option A Option B Cost of Cost of Goods Materials Used Manufactured $108,000 $110,000 $347,000 $347,000 Cost of Goods Sold $337,000 $357,000

Name: Richards Company manufactures a single product. All rawmaterials used
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Description: Richards Company manufactures a single product. All rawmaterials used were direct materials. Current information forthe company follows:Beginning raw materials inventoryEnding raw materials inventoryRaw material purchases$ 28,00030,000108,000Beginni

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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