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The following information has been taken from the perpetual inventory system of Elite Mfg Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 Balances in inventory August 31 August 1 Materials $? $25,000 Work in Process $65,000 $47,000 Finished Goods $60,000 $43,000 The cost of goods sold in August is: A. $75,000 B. $17,000 C. $135,000 D. Some other amount QUESTION: Given below is the manufacturing data: Direct material inventory Beginning Ending $90,000 $110,000 Work-in progress inventory $180,000 $120,000 Finished goods inventory $300,000 $400,000 PURCHASED DIRECT MATERIAL $300,000 DIRECT LABOR FACTORY OVERHEAD NET SALES PERIOD COST $170,000 $190,000 $1,000,000 $280,000 What is cost of goods manufactured? A. 640,000 B. 700,000 C. 820,000 D. Insufficient information to determine cost of goods manufactured E. None of all above

The following information has been taken from the perpetual inventory system of Elite Mfg Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 Balances in inventory August 31 August 1 Materials $? $25,000 Work in Process $65,000 $47,000 Finished Goods $60,000 $43,000 The cost of goods sold in August is: A. $75,000 B. $17,000 C. $135,000 D. Some other amount QUESTION: Given below is the manufacturing data: Direct material inventory Beginning Ending $90,000 $110,000 Work-in progress inventory $180,000 $120,000 Finished goods inventory $300,000 $400,000 PURCHASED DIRECT MATERIAL $300,000 DIRECT LABOR FACTORY OVERHEAD NET SALES PERIOD COST $170,000 $190,000 $1,000,000 $280,000 What is cost of goods manufactured? A. 640,000 B. 700,000 C. 820,000 D. Insufficient information to determine cost of goods manufactured E. None of all above

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 following information has been taken from the perpetual inventory system of Elite Mfg Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 Balances in inventory August 31 August 1 Materials $? $25,000 Work in Process $65,000 $47,000 Finished Goods $60,000 $43,000 The cost of goods sold in August is: A. $75,000 B. $17,000 C. $135,000 D. Some other amount QUESTION: Given below is the manufacturing data: Direct material inventory Beginning Ending $90,000 $110,000 Work-in progress inventory $180,000 $120,000 Finished goods inventory $300,000 $400,000 PURCHASED DIRECT MATERIAL $300,000 DIRECT LABOR FACTORY OVERHEAD NET SALES PERIOD COST $170,000 $190,000 $1,000,000 $280,000 What is cost of goods manufactured? A. 640,000 B. 700,000 C. 820,000 D. Insufficient information to determine cost of goods manufactured E. None of all above
Transcribed Image Text:The following information has been taken from the perpetual inventory system of Elite Mfg Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 Balances in inventory August 31 August 1 Materials $? $25,000 Work in Process $65,000 $47,000 Finished Goods $60,000 $43,000 The cost of goods sold in August is: A. $75,000 B. $17,000 C. $135,000 D. Some other amount QUESTION: Given below is the manufacturing data: Direct material inventory Beginning Ending $90,000 $110,000 Work-in progress inventory $180,000 $120,000 Finished goods inventory $300,000 $400,000 PURCHASED DIRECT MATERIAL $300,000 DIRECT LABOR FACTORY OVERHEAD NET SALES PERIOD COST $170,000 $190,000 $1,000,000 $280,000 What is cost of goods manufactured? A. 640,000 B. 700,000 C. 820,000 D. Insufficient information to determine cost of goods manufactured E. None of all above
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