Reference no: EM132494800
Holdaway Co., a manufacturer, had inventories at the beginning and end of its current year as follows:
Beginning ENDING
Raw materials ............................. $11,000 $15,000
Work in process ........................... 20,000 24,000
Finished goods ............................ 12,500 9,000
During the year, the following costs and expenses were incurred:
Raw materials purchased ............................... $150,000
Direct labor cost ..................................... 60,000
Indirect factory labor ................................ 30,000
Taxes and depreciation on factory building ............ 10,000
Taxes and depreciation on sales room and office ....... 7,500
Sales salaries ........................................ 20,000
Office salaries ....................................... 12,000
Utilities (60% applicable to factory, 20% to sales room,
and 20% to office) .................................... 25,000
Question 1: What Holdaway's cost of goods sold for the year is
A) $257,000.
B) $260,500.
C) $261,000.
D) $269,500.
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