Lots of Stut Company reports the following data for its firs

Lots of Stut Company reports the following data for its first year of operation Cost of goods manufactured Work in process inventory. beginning Work in process inventory ending Direct materials used Direct Labor Manufacturing overhead Finished goods inventory, beginning Finished goods inventory, ending $455,900 140,700 10,800 139,000 185,600 90,100 What is the cost of goods sold? A. $521,500 B. S365.800 C. $752,300 d) D. $455.900 Click to select your answer

Solution

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16B	$365,800
Explanation:	Beginning finished goods inventory	$0
	Plus: Cost of goods manufactured	455,900
	Goods available for sale	$455,900
	Less: Finished goods inventory, Ending	90,100
	Cost of goods sold	365,800
17B	$2,340
Explanation:	Sales Revenue	$6,050
	Less: Gross Profit	2640
	Cost of goods sold	$3,410
	Add: Finished goods inventory ending	440
	Cost of goods available for sale	$3,850
	Less: Cost of goods manufactured	1510
	Beginning finished goods inventory	$2,340
18C	100%
Explanation:	Since direct materials are only added at beginning
	It will be treated as 100%, no further entry for DM.
19D	48,500
		Conversion
Explanation:	Units Completed	44000
	WIP,Ending(15000 x 30%)	4500
	Equivalent units for conversion costs	48500
20D	$38
	Salary of factory supervisor	$37,000
	Heating and lighting costs for factory	$23,000
	Depreciation on factory equipment	$5,400
	Total manufacturing overhead	$65,400
	÷ Direct labor hours	÷ 1,700
	MOH rate per Direct labor hour	$                38