The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: Work in process inventory Raw materials inventory Finished goods inventory Additional data: 1. Actual manufacturing overhead for January amounted to $63,000. 2. Total direct labor cost for January was $63,200. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $240,000 of direct labor cost and $336,000 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $6,200 (1300 direct labor hours) and total direct material charges were $14,300. 5. Cost of direct materials placed in production during January totaled $123,900. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $35,700. 7. Finished goods inventory balance on January 31 was $34,900. What is the cost of goods sold for January? O $201,571 SO $28,900 $40,800 $252,300 O $226,500 O $317,200

The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: Work in process inventory Raw materials inventory Finished goods inventory Additional data: 1. Actual manufacturing overhead for January amounted to $63,000. 2. Total direct labor cost for January was $63,200. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $240,000 of direct labor cost and $336,000 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $6,200 (1300 direct labor hours) and total direct material charges were $14,300. 5. Cost of direct materials placed in production during January totaled $123,900. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $35,700. 7. Finished goods inventory balance on January 31 was $34,900. What is the cost of goods sold for January? O $201,571 SO $28,900 $40,800 $252,300 O $226,500 O $317,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel
Manufacturing Company:
Work in process inventory
Raw materials inventory
Finished goods inventory
Additional data:
1. Actual manufacturing overhead for January amounted to $63,000,
2. Total direct labor cost for January was $63,200.
3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for
$240,000 of direct labor cost and $336,000 of manufacturing overhead costs.
4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $6,200 (1300 direct
labor hours) and total direct material charges were $14,300.
5. Cost of direct materials placed in production during January totaled $123,900. There were no indirect material
requisitions during January.
6. January 31 balance in raw materials inventory was $35,700.
7. Finished goods inventory balance on January 31 was $34,900.
$0
$28,900
$40,800
What is the cost of goods sold for January?
$201,571
$252,300
$226,500
$317,200

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