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1/1 12/31
Finished goods $90,000 $260,000
Raw materials 105,000 130,000
Work-in-progress 220,000 175,000
The following transactions and events occurred during the current year:
$300,000 of raw materials were purchased, of which $20,000 were returned because of defects.
$600,000 of direct labor costs were incurred.
$750,000 of production overhead costs were incurred.
The cost of goods sold for the current year ended December31 would be A.$1,480,000
B. $1,500,000
C. $1,610,000
D. $1,650,000
The cost of goods sold for the current year ended December31 would be A.$1,480,000.