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 manufactured for the year?
A) $101,000
B) $124,000
C) $100,000
D) $102,000

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 manufactured for the year?
A) $101,000 
B) $124,000 
C) $100,000 
D) $102,000

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 manufactured for the year?
A) $101,000 
B) $124,000 
C) $100,000 
D) $102,000