TB MC Qu. 2-71 For the year just ended, Porter Corporation's manufacturing... For the year just ended, Porter Corporation's manufacturing costs (raw materials used, direct labor, and manufacturing overhead) totaled $1,500,000. Beginning and ending work-in-process inventories were $60,000 and $90,000, respectively. Porter's balance sheet also revealed respective beginning and ending finished-goods inventories of $250,000 and $180,000. On the basis of this information, how much would the company report as cost of goods manufactured (CGM) and cost of goods sold (CGS)? Multiple Choice CGM, $1,430,000; CGS, $1,460,000. CGM, $1,470,000; CGS, $1,540,000. CGM, $1,530,000; CGS, $1,460,000. CGM, $1,570,000; CGS, $1,540,000. None of these
TB MC Qu. 2-71 For the year just ended, Porter Corporation's manufacturing... For the year just ended, Porter Corporation's manufacturing costs (raw materials used, direct labor, and manufacturing overhead) totaled $1,500,000. Beginning and ending work-in-process inventories were $60,000 and $90,000, respectively. Porter's balance sheet also revealed respective beginning and ending finished-goods inventories of $250,000 and $180,000. On the basis of this information, how much would the company report as cost of goods manufactured (CGM) and cost of goods sold (CGS)? Multiple Choice CGM, $1,430,000; CGS, $1,460,000. CGM, $1,470,000; CGS, $1,540,000. CGM, $1,530,000; CGS, $1,460,000. CGM, $1,570,000; CGS, $1,540,000. None of these
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter1: Introduction To Cost Accounting
Section: Chapter Questions
Problem 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...
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![TB MC Qu. 2-71 For the year just ended, Porter Corporation's manufacturing...
For the year just ended, Porter Corporation's manufacturing costs (raw materials used, direct labor, and manufacturing overhead) totaled
$1,500,000. Beginning and ending work-in-process inventories were $60,000 and $90,000, respectively. Porter's balance sheet also revealed
respective beginning and ending finished-goods inventories of $250,000 and $180,000. On the basis of this information, how much would the
company report as cost of goods manufactured (CGM) and cost of goods sold (CGS)?
Multiple Choice
CGM, $1,430,000; CGS, $1,460,000.
CGM, $1,470,000; CGS, $1,540,000.
CGM, $1,530,000; CGS, $1,460,000.
CGM, $1,570,000; CGS, $1,540,000.
None of these](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa5af2bbd-4a24-43f8-b083-66c7a18315bb%2F6a9b8afc-f594-4b4a-b2f8-5a0757023490%2Faq0di2n_processed.png&w=3840&q=75)
Transcribed Image Text:TB MC Qu. 2-71 For the year just ended, Porter Corporation's manufacturing...
For the year just ended, Porter Corporation's manufacturing costs (raw materials used, direct labor, and manufacturing overhead) totaled
$1,500,000. Beginning and ending work-in-process inventories were $60,000 and $90,000, respectively. Porter's balance sheet also revealed
respective beginning and ending finished-goods inventories of $250,000 and $180,000. On the basis of this information, how much would the
company report as cost of goods manufactured (CGM) and cost of goods sold (CGS)?
Multiple Choice
CGM, $1,430,000; CGS, $1,460,000.
CGM, $1,470,000; CGS, $1,540,000.
CGM, $1,530,000; CGS, $1,460,000.
CGM, $1,570,000; CGS, $1,540,000.
None of these
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