Rolex Components Inc. reported the following inventory balances at the beginning and end of the year: Beginning Ending Raw materials $11,000 $4,000 Finished goods $40,000 $36,000 Rolex's cost of goods sold was $510,000. What was Rolex's cost of goods manufactured? a) $506,000 b) $514,000 d) $550,000 c) $486,000

Rolex Components Inc. reported the following inventory balances at the beginning and end of the year: Beginning Ending Raw materials $11,000 $4,000 Finished goods $40,000 $36,000 Rolex's cost of goods sold was $510,000. What was Rolex's cost of goods manufactured? a) $506,000 b) $514,000 d) $550,000 c) $486,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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