Richards Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the company follows:

Beginning raw materials inventory	$	13,000
Ending raw materials inventory		15,000
Raw material purchases		93,000
Beginning work in process inventory		43,000
Ending work in process inventory		28,000
Direct labor		133,000
Total factory overhead		63,000
Beginning finished goods inventory		58,000
Ending finished goods inventory		48,000

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The company's cost of raw materials used, cost of goods manufactured and cost of goods sold is: A) Cost of Materials Used = $88,000 Cost of Goods Manufactured = $263,000 Cost of Goods Sold = $283,000 B) Cost of Materials Used = $98,000 Cost of Goods Manufactured - $303,000 Cost of Goods Sold $318,000 9 Cost of Materials Used = $78,000 Cost of Goods Manufactured = $283,000 Cost of Goods Sold = $308,000 D) Cost of Materials Used = $90,000 Cost of Goods Manufactured = $293,000 Cost of Goods Sold = $283,000 E) None of the above %3! !! The company's cost of raw materials used, cost of goods manufactured and cost of goods sold is: A) Cost of Materials Used = $88,000 Cost of Goods Manufactured = $263,000 Cost of Goods Sold = $283,000 B) Cost of Materials Used = $98,000 Cost of Goods Manufactured - $303,000 Cost of Goods Sold $318,000 9 Cost of Materials Used = $78,000 Cost of Goods Manufactured = $283,000 Cost of Goods Sold = $308,000 D) Cost of Materials Used = $90,000 Cost of Goods Manufactured = $293,000 Cost of Goods Sold = $283,000 E) None of the above %3! !!

Answer rating: 100% (QA)

1 Cost of direct materials used Beginning Raw Materials Purchases Ending Raw Mate... View the full answer