CCT 102:ACCT 102 -3. Cha (Online) (32690) / vC 102 Exam 1-85pts * Question 1 Ori
ID: 2537497 • Letter: C
Question
CCT 102:ACCT 102 -3. Cha (Online) (32690) / vC 102 Exam 1-85pts * Question 1 Oriole Company's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory $310000 300000 190000 $260000 160000 150000 During 2017, $820000 of raw materials were purchased, direct labor costs amounted to $851700, and manufacturing overhead incurred was $608000. If Oriole Company's cost of goods manufactured for 2017 amounted to $2089700, its cost of goods sold for the year is C $1949700. C $2199700. C $2049700. C $2129700.Explanation / Answer
Cost of Goods Sold = Opening Inventory + Cost of Goods Purchased/manufacturred - Closing Inventory.
Hence, Cost of goods sold = 150000 + 2089700 - 190000 = $2,049,700
The correct answer is therefore OPTION - C $2,049,700