Richards Company manufactures a single product. All raw materials used were direct materials.Current information for the company follows:Beginning raw materials inventoryEnding raw materials inventoryRaw material purchasesBeginning work in process inventoryEnding work in process inventoryDirect laborTotal factory overheadBeginning finished goods inventoryEnding finished goods inventoryOption A $90,000Option B $92,000Option C $88,000Option D $88,000Option E $92,000$$10,00012,00090,00040,00025,000130,00060,00055,00045,000The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are:Cost of Materials Used Cost of Goods Manufactured Cost of Goods SoldOption A$293,000$293,000$263,000$293,000$263,000Time left 0:07:02$283,000$303,000$283,000$303,000$293,000

Introduction: Direct materials are goods that physically become the finished product at the end of…

Time left 0:07 Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases $10,000 12,000 90,000 Beginning work in process inventory 40,000 Ending work in process inventory 25,000 Direct labor 130,000 Total factory overhead 60,000 55,000 45,000 Beginning finished goods inventory Ending finished goods inventory The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Cost of Materials Used Cost of Goods Manufactured Cost of Goods Sold $283,000 $303,000 $283,000 $303,000 $293,000 Option A $90,000 Option B $92,000 Option C $88,000 Option D $88,000 Option E $92,000 $293,000 $293,000 $263,000 $293,000 $263,000

Time left 0:07 Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases $10,000 12,000 90,000 Beginning work in process inventory 40,000 Ending work in process inventory 25,000 Direct labor 130,000 Total factory overhead 60,000 55,000 45,000 Beginning finished goods inventory Ending finished goods inventory The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Cost of Materials Used Cost of Goods Manufactured Cost of Goods Sold $283,000 $303,000 $283,000 $303,000 $293,000 Option A $90,000 Option B $92,000 Option C $88,000 Option D $88,000 Option E $92,000 $293,000 $293,000 $263,000 $293,000 $263,000

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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