Vermont State, Inc. used $153,000 of direct matenars and incurred $63,000 of direct labor costs during the year Indirect labor amounted to $268,000, while indirect materials used totaled $53,500 Other oper costs pertaining to the factory included utilities of $130,000, maintenance of $73.900, repairs of $53,550, depreciation of $132.500, and property taxes of $73,400 There was no beginning or ending finished goods inventory, but Work-in-Process inventory began the year with a $5,800 balance and ended the year with a $7,000 balance How much is the cost of goods manufactured? OA $12.000 OB. $1,000 290 OC. $1.007 200 OD $1,001,490
Vermont State, Inc. used $153,000 of direct matenars and incurred $63,000 of direct labor costs during the year Indirect labor amounted to $268,000, while indirect materials used totaled $53,500 Other oper costs pertaining to the factory included utilities of $130,000, maintenance of $73.900, repairs of $53,550, depreciation of $132.500, and property taxes of $73,400 There was no beginning or ending finished goods inventory, but Work-in-Process inventory began the year with a $5,800 balance and ended the year with a $7,000 balance How much is the cost of goods manufactured? OA $12.000 OB. $1,000 290 OC. $1.007 200 OD $1,001,490
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Vermont State, Inc used $153,000 of direct materials and incurred $63,000 of direct labor costs during the year Indrect labor amounted to $268,000, while indirect materials used totaled $53,500. Other operating
costs pertaining to the factory included suttities of $130,500, maintenance of $73.980, repars of $53,550, depreciation of $132.500, and property taxes of $73,400 There was no beginning or ending finished
goods inventory, but Work-in-Process inventory began the year with a $5,800 balance and ended the year with a $7,000 balance
How much is the cost of goods manufactured?
OA. $12.000
OB. $1,000 290
OC. $1,007 200
OD. $1.001,490
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