Please do not give solution in image format thanku 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 operatingcosts 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 finishedgoods inventory, but Work-in-Process inventory began the year with a $5,800 balance and ended the year with a $7,000 balanceHow much is the cost of goods manufactured?OA. $12.000OB. $1,000 290OC. $1,007 200OD. $1.001,490

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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

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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Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2022, Sandy worked as a computer technician at a local university earning a salary of $154,100, and John worked part time as a receptionist for a law firm earning a salary of $31,100. Sandy also does some Web design work on the side and reported revenues of $6,100 and associated expenses of $1,800. The Fergusons received $1,220 in qualified dividends and a $305 refund of their state income taxes. The Fergusons always itemize their deductions, get the full benefit of deducting the entire amount of state income taxes paid, and their itemized deductions were well over the standard deduction amount last year. Use Exhibit 8-10, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2022 AMT exemption for reference. The Fergusons reported making the following payments during the year: State income taxes of $4,925. Federal tax withholding of $21,000. Alimony payments to Sandy's former…
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