Evaluate cost of goods sold for the year is

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Reference no: EM132660921

Marigold Corp's accounting records reflect the following inventories:

Dec. 31, 2020 Dec. 31, 2019

Raw materials inventory $310000 $260000

Work in process inventory 300000 160000

Finished goods inventory 190000 150000

During 2020, $1020000 of raw materials were purchased, direct labor costs amounted to $768200, and manufacturing overhead incurred was $688000.

Problem 1: If Marigold Corp.'s cost of goods manufactured for 2020 amounted to $2286200, its cost of goods sold for the year is

Option 1: $2146200.

Option 2: $2396200.

Option 3: $2246200.

Option 4: $2326200.

Reference no: EM132660921

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