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The accounting records of Diego Company revealed the following costs, among others: Factory insurance Raw material used Customer entertainment Indirect labor $ 32,000 256,000 15,000 45,000 22,000 72,000 Depreciation on salespersons' cars Production equipment rental costs Costs that would be considered in the calculation of manufacturing overhead totat Select one O a. $149,000 O b. $171,000 Oc $186,000 O d. $442.000 For the year just ended, Cole 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. Cole'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)? Select one: O a. CGM, $1,430,000; CGS, $1,460,000 Ob. CGM, $1470,000; CGS, $1,540,000 Oc CGM, $1,530,000; CGS, $1,460,000 Od. CGM, $1,570,000: CGS, $1,540,000 Oe Some other amounts

The accounting records of Diego Company revealed the following costs, among others: Factory insurance Raw material used Customer entertainment Indirect labor $ 32,000 256,000 15,000 45,000 22,000 72,000 Depreciation on salespersons' cars Production equipment rental costs Costs that would be considered in the calculation of manufacturing overhead totat Select one O a. $149,000 O b. $171,000 Oc $186,000 O d. $442.000 For the year just ended, Cole 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. Cole'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)? Select one: O a. CGM, $1,430,000; CGS, $1,460,000 Ob. CGM, $1470,000; CGS, $1,540,000 Oc CGM, $1,530,000; CGS, $1,460,000 Od. CGM, $1,570,000: CGS, $1,540,000 Oe Some other amounts

FINANCIAL ACCOUNTING
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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The accounting records of Diego Company revealed the following costs, among others: Factory insurance Raw material used Customer entertainment Indirect labor Depreciation on salespersons' cars Production equipment rental costs $ 32,000 256,000 15,000 45,000 22,000 72,000 2.5 tion Costs that would be considered in the calculation of manufacturing overhead totat Select one: O a. $149,000 O b. $171,000 O. $186,000 O d. $442.000 For the year just ended, Cole 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. Cole'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)? 2.5 stion Select one: O a. CGM, $1,430,000; CGS, $1,460,000 O b. CGM, $1,470,000; CGS, $1,540,000 Oc CGM, $1,530,000; CGS, $1,460,000 O d. CGM, $1,570,000; CGS, $1,540,000 O e Some other amounts
Transcribed Image Text:The accounting records of Diego Company revealed the following costs, among others: Factory insurance Raw material used Customer entertainment Indirect labor Depreciation on salespersons' cars Production equipment rental costs $ 32,000 256,000 15,000 45,000 22,000 72,000 2.5 tion Costs that would be considered in the calculation of manufacturing overhead totat Select one: O a. $149,000 O b. $171,000 O. $186,000 O d. $442.000 For the year just ended, Cole 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. Cole'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)? 2.5 stion Select one: O a. CGM, $1,430,000; CGS, $1,460,000 O b. CGM, $1,470,000; CGS, $1,540,000 Oc CGM, $1,530,000; CGS, $1,460,000 O d. CGM, $1,570,000; CGS, $1,540,000 O e Some other amounts
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