TB MC Qu. 7-31 (Algo) The following events took place at a manufacturing... The following events took place at a manufacturing company for the current year: (1) Purchased $110,000 in direct materials.(2) Incurred labor costs as follows: (a) direct, $71,000 and (b) indirect, $28,600.(3) Other manufacturing overhead was $122,000, excluding indirect labor.(4) Transferred 75% of the materials to the manufacturing assembly line.(5) Completed 60% of the Work-in-Process during the year.(6) Sold 80% of the completed goods.(7) There were no beginning inventories.What is the company's Cost of Goods Sold? Multiple Choice : A) $145,968.00. B) $243,280.00. C) $182,460.00. D) $304,100.00.

Direct Material used + Direct labor + indirect labor + other overhead = Total Manufacturing cost…

Answered: What is the company's Cost of Goods…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

The following events took place at a manufacturing company for the current year:

(1) Purchased $110,000 in direct materials.
(2) Incurred labor costs as follows: (a) direct, $71,000 and (b) indirect, $28,600.
(3) Other manufacturing overhead was $122,000, excluding indirect labor.
(4) Transferred 75% of the materials to the manufacturing assembly line.
(5) Completed 60% of the Work-in-Process during the year.
(6) Sold 80% of the completed goods.
(7) There were no beginning inventories.