Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the com $ 25,000 Beginning raw materials inventory Ending raw materials inventory Raw material purchases 27,000 105,000 55,000 40,000 145,000 Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead 75,000 Beginning finished goods inventory Ending finished goods inventory 70,000 60,000 The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Cost of Materials Used Option A $105,000 Option B $107,000 Option C $103,000 Option D $103,000 Option E $107,000 Cost of Goods Manufactured $338,000 $338,000 $308,000 $338,000 $308,000 Cost of Goods Sold $328,000 $348,000 $328,000 $348,000 $338,000
Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the com $ 25,000 Beginning raw materials inventory Ending raw materials inventory Raw material purchases 27,000 105,000 55,000 40,000 145,000 Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead 75,000 Beginning finished goods inventory Ending finished goods inventory 70,000 60,000 The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Cost of Materials Used Option A $105,000 Option B $107,000 Option C $103,000 Option D $103,000 Option E $107,000 Cost of Goods Manufactured $338,000 $338,000 $308,000 $338,000 $308,000 Cost of Goods Sold $328,000 $348,000 $328,000 $348,000 $338,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject -acounting
Transcribed Image Text:Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the com
Beginning raw materials inventory
Ending raw materials inventory
Raw material purchases
Beginning work in process inventory
Ending work in process inventory
Direct labor
Total factory overhead
Cost of
Materials Used
Option A $105,000
Option B
$107,000
Option C
$103,000
Option D $103,000
Option E $107,000
Beginning finished goods inventory
Ending finished goods inventory
The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are:
Cost of Goods
Manufactured
$338,000
$338,000
$308,000
$338,000
$308,000
Cost of
Goods Sold
$328,000
$348,000
$ 25,000
27,000
105,000
$328,000
$348,000
$338,000
55,000
40,000
145,000
75,000
70,000
60,000
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