The Lubbock Manufacturing Company (LMC) has the following inventory data (stated in thousands). Raw Materials: Beginning $200 Ending $700 Work-n-Process (WIP): Beginning $500 Ending $400 Finished Goods: Beginning $750 Ending $900 The cost of Goods Available for Sale was $2,000. What was the cost of goods sold? A. $150. B. $1,100. C. $1,250. D. $1,850.

The Lubbock Manufacturing Company (LMC) has the following inventory data (stated in thousands). Raw Materials: Beginning $200 Ending $700 Work-n-Process (WIP): Beginning $500 Ending $400 Finished Goods: Beginning $750 Ending $900 The cost of Goods Available for Sale was $2,000. What was the cost of goods sold? A. $150. B. $1,100. C. $1,250. D. $1,850.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...

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