Wanda's Wand Company reports the following data for its first year of operation. Cost of goods...
Wanda's Wand Company reports the following data for
its first year of operation.
Cost of goods manufactured
$455,700
Work in process inventory, beginning
0
Work in process inventory, ending
140,700
Direct materials used
110,900
Direct Labor
139,000
Manufacturing overhead
185,400
Finished goods inventory, beginning
0
Finished goods inventory, ending
90,100
What is the cost of goods sold?
A.
$455,700
B.
$521,200
C.
$365,600
D.
$752,000
Homework Answers
Answer is $365,600
Finished goods inventory, beginning = $0
Cost of goods manufactured = $455,700
Finished goods inventory, ending = $90,100
Cost of goods sold = Finished goods inventory, beginning + Cost
of goods manufactured - Finished goods inventory, ending
Cost of goods sold = $0 + $455,700 - $90,100
Cost of goods sold = $365,600
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Wanda's Wand Company reports the following data for
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