An entity had the following opening and closing inventory balances during the current year:

................................1/1............ 12/31

Finished goods..... .. $ 90,000..... $260,000

Raw materials..... ... 105,000...... 130,000

Work-in-progress..... 220,000...... 175,000

The following transactions and events occurred during the current year:

$300,000 of raw materials were purchased, of which $20,000 were returned because of defects.

$600,000 of direct labor costs were incurred.

$750,000 of production overhead costs were incurred.

The cost of goods sold for the current year ended December 31 would be

$1,480,000$1,500,000$1,610,000$1,650,000

Answer rating: 100% (QA)

The detailed answer for the above question is provided ... View the full answer