The following information relates to a company at its year end. $ Inventory at beginning of year Raw materials 10,000 Work-in-progress 2,000 Finished goods 34,000 Inventory at end of year Raw materials 11,000 Work-in-progress 4,000 Finished goods 30,000 Purchases of raw materials 50,000 Direct wages 40,000 Royalties on goods sold 3,000 Production overheads 60,000 Distribution costs 55,000 Administration expenses 70,000 Sales 300,000 The cost of goods manufactured during the year is A $147,000 B $151,000 C $153,000 D $154,000
The following information relates to a company at its year end. $ Inventory at beginning of year Raw materials 10,000 Work-in-progress 2,000 Finished goods 34,000 Inventory at end of year Raw materials 11,000 Work-in-progress 4,000 Finished goods 30,000 Purchases of raw materials 50,000 Direct wages 40,000 Royalties on goods sold 3,000 Production overheads 60,000 Distribution costs 55,000 Administration expenses 70,000 Sales 300,000 The cost of goods manufactured during the year is A $147,000 B $151,000 C $153,000 D $154,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information relates to a company at its year end.
$
Inventory at beginning of year
Raw materials 10,000
Work-in-progress 2,000
Finished goods 34,000
Inventory at end of year
Raw materials 11,000
Work-in-progress 4,000
Finished goods 30,000
Purchases of raw materials 50,000
Direct wages 40,000
Royalties on goods sold 3,000
Production
Distribution costs 55,000
Administration expenses 70,000
Sales 300,000
The cost of goods manufactured during the year is
A $147,000
B $151,000
C $153,000
D $154,000
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