Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. richards company manufactures a single product. al

Richards Company manufactures a single product. All raw materials used were direct materials. Current information...

80.2K

Verified Solution

Question

Accounting

Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the company follows:
Beginning raw materials inventory $ 28,000
Ending raw materials inventory 30,000
Raw material purchases 108,000
Beginning work in process inventory 58,000
Ending work in process inventory 43,000
Direct labor 148,000
Total factory overhead 78,000
Beginning finished goods inventory 73,000
Ending finished goods inventory 63,000
The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are:
Cost of Materials Used Cost of Goods Manufactured Cost of Goods Sold
Option A $108,000 $347,000 $337,000
Option B $110,000 $347,000 $357,000
Option C $106,000 $317,000 $337,000
Option D $106,000 $347,000 $357,000
Option E $110,000 $317,000 $347,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What is titration and why titrations are useful?

Chemistry
Q

Astronauts on a distant planet toss a rock into the air. With the aid of a...

Physics
Q

Based on past experience, Leickner Company expects to purchase raw materials from a foreign supplier at...

Accounting
Q

The spicule is manufactured by thepinacocytescollencytessclerocytesporocytesspongocytesof the sponge

Biology
Q

11 X W Y 1 5 cm Z 4 cm E X G 10 cm...

Geometry
Q

Choose all that apply Angelica strives to submit all her assignments on time however last...

Basic Math
Q

What is the rhyme scheme ofthe first stanza in Whitman'spoem?A. aabbccddB. aabbcdedC. aabcddddD. aabbcccdO Captain!...

Calculus
Q

Assume a is opposite side a is opposite side b and y is opposite side...

Calculus
Q

If r t cos 2t i sin 2t j 6tk compute j k fr t...

Calculus
Q

5 Solve the triangle rounding to the nearest tenth assuming a is opposite side a...

Calculus
Q

Waterway Industries had the following inventory transactions occur during 2020: ...

Accounting
Q

Hurley Associates in a construction engineorieg fom that prepares detalod construction demwingt 7020 . (Click...

Accounting