Devry Chicago ACCT 346 Week 3 Quiz

Week 3 Quiz – Missed Questions

 6. Question : (TCO 2) Far Out Ceramics makes custom macaroni tile and applies job-order costing. The following information relates to the fiscal year ending December 31, 20XX.
 
Beginning balance in Raw Materials Inventory    $   12,500
Purchases of raw material                                   189,000
Ending balance in Raw Materials Inventory              14,300
Beginning balance in Work in Process                   24,500
Ending balance in Work in Process                       23,100
Direct labor cost                                                  89,700
Manufacturing overhead applied                             66,200
Actual manufacturing overhead                              66,200
Beginning balance in Finished Goods                      1,000
Ending balance in Finished Goods                         24,300
Sales                                                                432,000
Selling expenses                                                120,000
General and administrative expenses                     86,000
 
How much is cost of goods sold?

  Student Answer:   $320,200

      $348,200

     $343,600

      $321,200