Reference no: EM132557527

Question 1: The following amounts were taken from the general ledger of the Excellent Manufacturing Company. Compute the cost of goods manufactured and the cost of goods sold for the company for the year.

Raw materials inventory - beg. of year              $50,000

Depreciation - plant & equipment                     $26,000

Raw materials inventory - end of year                  56,000

Repairs and maintenance - plant                           8,000

Work in process inv. - beg. of year                       80,000

Insurance on plant                                             18,000

Work in process inv. - end of year                           70,000

General and administration exp.                              25,000

Finished goods inv. - beg. of year                           36,000

Indirect labour                                                    30,000

Finished goods inv. - end of year                             50,000

Direct labour                                                     64,000

Purchase of direct materials                                   30,000

Marketing expenses                                               40,000

Option a. $370,000

Option b. $300,000

Option c. $180,000

Option d. $200,000