Question

The CFO of Stoffer Corporation has provided the following data for October. The beginning balance in the raw materials inventory account was $39,000. During the month, the company made raw materials purchases amounting to $68,000. At the end of the month, the balance in the raw materials inventory account was $28,000. Direct labor cost was $29,000 and manufacturing overhead was $78,000. The beginning balance in the work in process account was $11,000 and the ending balance was $13,000. The beginning balance in the finished goods account was $37,000 and the ending balance was $47,000. Sales totalled $240,000. Selling expense was $21,000 and administrative expense was $27,000.
1. The cost of goods sold for October was:
A. $194,000
B. $230,000
C. $128,000
D. $174,000
2. The net operating income for October was:
A. $85,000
B. $18,000
C. $17,000
D.$66,000


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  • CreatedJuly 28, 2013
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