Figure 2-2. Lonborg Co.had the following beginning and ending inventory balances for the year ended December 31,2011:
In addition,direct labor costs of $30,000 were incurred,overhead equaled $42,000,materials purchased were $27,000 and selling and administrative costs were $22,000.Lonborg Co.sold 25,000 units of product during the year at a sales price of $5.00 per unit.
Refer to Figure 2-2.What was the amount of cost of goods sold for the year?
A)$102,000
B)$97,500
C)$106,500
D)$128,500

Question

Figure 2-2. Lonborg Co.had the following beginning and ending inventory balances for the year ended December 31,2011:
 In addition,direct labor costs of $30,000 were incurred,overhead equaled $42,000,materials purchased were $27,000 and selling and administrative costs were $22,000.Lonborg Co.sold 25,000 units of product during the year at a sales price of $5.00 per unit.
Refer to Figure 2-2.What was the amount of cost of goods sold for the year?
A)$102,000 
B)$97,500 
C)$106,500 
D)$128,500

Quizplus · Accepted Answer

The Answer of Figure 2-2. Lonborg Co.had the following beginning and ending inventory balances for the year ended December 31,2011:
 In addition,direct labor costs of $30,000 were incurred,overhead equaled $42,000,materials purchased were $27,000 and selling and administrative costs were $22,000.Lonborg Co.sold 25,000 units of product during the year at a sales price of $5.00 per unit.
Refer to Figure 2-2.What was the amount of cost of goods sold for the year?
A)$102,000 
B)$97,500 
C)$106,500 
D)$128,500