Shoneys produces Szechuan sauce and had the following beginning and ending inventory balances for the year ended
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Question:
Shoney’s produces Szechuan sauce and had the following beginning and ending inventory balances for the year ended December 31, 2019:
January 1, 2019 | December 31, 2019 | |
Raw Materials | $22,000 | $36,000 |
Work in Process | $17,000 | $19,000 |
Finished Goods | $9,000 | $28,000 |
In addition, direct labor costs of $69,000 were incurred, overhead equaled $21,000, materials purchased were $40,000 and selling and administrative costs were $90,000. Shoney’s sold 25,000 units of product during the year at a sales price of $7.50 per unit. What was the amount of cost of goods sold for the year?
Choose:
a) $95,000
b) $114,000
c) $130,000
d) $116,000
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