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

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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During the year, a company purchased raw materials of $77,319, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Ending $17,433 $16,428 Raw materials inventory Work in process inventory 241,437 234,422 Finished goods inventory 312,844 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production Cost of goods manufactured Cost of goods sold Beginning $
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