1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
arsen [322]
3 years ago
11

Compute the Cost of Goods Sold for 2016 using the following information:Direct Materials, Jan. 1, 2016 $40,000Work-in-Process, D

ec. 31, 2016 69,000Direct Labor 48,500Finished Goods, Dec. 31, 2016 105,000Finished Goods, Jan. 1, 2016 128,000Manufacturing Overhead 72,500Direct Materials, Dec. 31, 2016 43,000Work-in Process, Jan. 1, 2016 87,000Purchases of Direct Material 75,000A) $211,000B) $234,000C) $198,000D) $244,000
Business
1 answer:
guapka [62]3 years ago
6 0

Answer:

Cost of Goods Sold = $234,000

Option B is correct ($234,000)

Explanation:

First we will calculate total direct material used in production:

Total Direct material=Starting Direct Material+ Purchases of Direct Material+ Ending Direct material

Total Direct material=$40,000+$75,000-$43,000

Total Direct material=$72,000

Calculating Cost of goods Manufactured:

Cost of goods Manufactured=Total Direct material+Direct labor+ Manufacturing Overhead+Beginning WIP inventory-Ending WIP inventory

Cost of goods Manufactured=$72,000+$48,500+$72,500+$87,000-$69,000

Cost of goods Manufactured=$211,000

Cost of Goods Sold = Cost of goods Manufactured+ Starting Finished Goods-Ending Finished Goods

Cost of Goods Sold = $211,000+$128,000-$105,000

Cost of Goods Sold = $234,000

Option B is correct ($234,000)

You might be interested in
Nav is the net assets valuation which is the value of the total assets held in a portfolio.
Goryan [66]
If this is true or false, then its true. 
6 0
3 years ago
How do businesses and the society benefit from marketing?
Verdich [7]

Answer:

Marketing stimulates a competitive economy, promotes products and services, and targets consumers who are most likely to become purchasers. Higher sales for a company that employs effective marketing strategies translate into expansion, job creation, higher government tax revenue, and eventually, overall growth.

HAVE A GOOD DAY!

5 0
3 years ago
What is the rationale for the internal control principle, segregation of duties? select one:
liq [111]
The rationale for internal control principle, segregation of duties is that the work of one employee should, without duplication of effort, provide a reliable basis for evaluating the work of another employee. Segregation of Duties is a basic building block of sustainable risk management and internal controls for business. It is based on shared responsibilities of a key process that disperses the critical functions of that process to more than one person or department.
5 0
3 years ago
Vivian goes to an auction and sees a rare antique lamp that is an identical match to one she already has. At the proper time she
Verdich [7]

Answer:

Most auctions are without reserve and therefore the auctioneer cannot withdraw the lamp.                        

Explanation:

Every auction seems to be either "of-reserve" versus "without-reserve." So the reaction to whether an auction house manages higher bids depends on that form of bidding being carried out. In an offering with reserves, the auction house may reject a higher offer (retain the privilege to reject ...) in which any better bid should be approved in an offering without deposit.

Put differently, the auction house is not obliged to deliver to the top purchaser in a with reserved sale. Essentially, the next bigger raise reflects the minimum price.

6 0
3 years ago
Carol Miller went to Europe and forgot to pay her $880 mortgage payment on her New Hampshire ski house. For her 63 days overdue
agasfer [191]
I think the rate of interest is 14 hope this helps

Because if you divide 880 by 63 you would just keep 14 without adding
7 0
3 years ago
Other questions:
  • The financial statements of Flathead Lake Manufacturing Company are shown below. Income Statement 2017 Sales $ 9,300,000 Cost of
    7·1 answer
  • It is estimated that between 1899 and 1924, about 2.1 million italians left the u.s. while almost ____ million arrived.
    6·1 answer
  • Derive a minumum cost circuit using nand gates for
    9·1 answer
  • A ________ is a tax on the market value of oil produced in the state.
    8·1 answer
  • The following is a December 31, 2021, post-closing trial balance for Almway Corporation.
    8·1 answer
  • Tara works as a senior manager at TechWin Software Inc. As part of her improvement program, she asked her team members to state
    14·1 answer
  • Nancy and her daughter, Kathleen, have been working together in a cattery called "The Perfect Cat." Nancy formed the business se
    5·1 answer
  • Which firm is the oligopolist? Choose one: Firm A is in retail. It is one of the largest and most popular clothing stores in the
    7·1 answer
  • A defect on a title that can be monetary or physical is called an ______. Unset starred question Agreement Appurtenance Encumbra
    6·1 answer
  • What is the future value of this investment at the end of year five if 5.34 percent per year is the appropriate interest (discou
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!