Question: Ogden Electronics (OE) produced 60,000 widgets last month. OE started the month with $100,000 worth of inventory in Finished Goods. The company incurred $140,000 of
Ogden Electronics (OE) produced 60,000 widgets last month. OE started the month with $100,000 worth of inventory in Finished Goods. The company incurred $140,000 of various utility and rent charges on their factory, paid $400,000 for raw materials to use in production, and paid employees $100,000 in wages. During the month, inventory costing $600,000 was completed and transferred to Finished Goods Inventory. At the end of the month, OE had $40,000 of Inventory in Finished Goods, $20,000 in Materials Inventory, and $30,000 still in Work in Process. What was OEs Cost of Goods Sold for the month? Group of answer choices $286,000 $660,000 $528,000 $420,000
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