Solution-What was the amount of cost of goods manufactured

What was the amount of cost of goods manufactured for year

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Reference no: EM132102604

Question - McGroin Corp had the following beginning and ending inventory balances for the year ended December 31, 2015:

	JAN 2015	DECEMBER 2015
Materials	$20,000	$30,000
Work in Process	$15,000	$18,000
Finished Goods	$30,000	$20,000

In addition, direct labor costs of $75,000 were incurred, overhead applied equaled $80,000, materials purchased were $100,000 and selling and administrative costs were $175,000. McGroin Co. sold 25,000 units of product during the year at a sales price of $20.00 per unit.

1. What was the amount of cost of goods manufactured for the year?

a. $202,000

b. $266,000

c. $245,000

d. $242,000

2. What was the amount of cost of goods sold for the year?

a. $235,000

b. $242,000

c. $252,000

d. $245,000

3. What was McGroin's operating income <loss> for the year?

a. $28,000

b. $73,000

c. <$3,500>

d. $78,000

4. Compute the direct materials used.

a. $95,000

b. $75,000

c. $90,000

d. $80,000

Reference no: EM132102604

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What was the amount of cost of goods manufactured for year

Reference no: EM132102604

Reference no: EM132102604

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