Xenoceratops Corp, a manufacturing concern, started the year with the following inventory balances: widgets, $300,000 and fidgets, $400,000. During the year it purchased $800,000 more of widgets and $1,200,000 more of fidgets. Costs incurred to get the widgets and fidgets ready for sale were $200,000 and $100,000, respectively, and the ending balances were, respectively, $500,000 and $300,000. How much cost of goods sold were there for each product? a. $600,000 widgets; 1,200 fidgets b. $800,000 widgets; $1,400,000 fidgets c. $1,800,000 widgets; $2,000,000 fidgets d. correct answer not provided
Xenoceratops Corp, a manufacturing concern, started the year with the following inventory balances: widgets, $300,000 and fidgets, $400,000. During the year it purchased $800,000 more of widgets and $1,200,000 more of fidgets. Costs incurred to get the widgets and fidgets ready for sale were $200,000 and $100,000, respectively, and the ending balances were, respectively, $500,000 and $300,000. How much cost of goods sold were there for each product? a. $600,000 widgets; 1,200 fidgets b. $800,000 widgets; $1,400,000 fidgets c. $1,800,000 widgets; $2,000,000 fidgets d. correct answer not provided
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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. Xenoceratops Corp, a manufacturing concern, started the year with the following inventory balances: widgets, $300,000 and fidgets, $400,000. During the year it purchased $800,000 more of widgets and $1,200,000 more of fidgets. Costs incurred to get the widgets and fidgets ready for sale were $200,000 and $100,000, respectively, and the ending balances were, respectively, $500,000 and $300,000. How much cost of goods sold were there for each product?
a. $600,000 widgets; 1,200 fidgets
b. $800,000 widgets; $1,400,000 fidgets
c. $1,800,000 widgets; $2,000,000 fidgets
d. correct answer not provided
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