Reference no: EM133027817
Question - Shelby Cabinets, Inc. produces custom cabinets. The following inventory balances appeared on its balance sheet.
12/31/2012 12/31/2011
Raw materials inventory $8,000 $10,000
Work-in-process inventory 600,000 550,000
Finished goods inventory 350,000 410,000
Shelby Cabinets had $1,265,000 in sales for the year ended December 31, 2012. The company also had the following costs for the year:
Selling $90,000
General and administrative $240,000
Raw materials purchases $100,000
Direct labor used in production $125,000
Manufacturing overhead $630,000
Of the total raw materials placed in production for the year, $12,000 was for indirect materials and must be deducted to find direct materials placed in production.
Using the above information, what was Shelby's Cost of Goods Sold?
a. $795,000
b. $845,000
c. $855,000
d. $1,395,000
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