Solution-Find what cost of goods sold for the year is

Find what cost of goods sold for the year is

Reference no: EM132784143

Frisco Company's accounting records reflect the following inventories:

                                                      Dec. 31, 2019 Dec. 31, 2018
Raw materials inventory    $310,000 $260,000
Work in process inventory 300,000                       160,000
Finished goods inventory 790,000                     250,000

During 2019, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000.

Problem 1: If Frisco's cost of goods manufactured for 2019 amounted to $1,890,000, its cost of goods sold for the year is

a. $790,000.

b. $2,290,000.

c. $1,990,000.

d. $1,350,000.

Reference no: EM132784143

Questions Cloud

How to reduce employee turnover : How to reduce employee turnover and who is responsible to take that action?

Understanding of emotional intelligence : Express your understanding of emotional intelligence. How does it fit in the realm of healthcare? Is it important, especially when interacting with patients and

What is meant by emotional intelligence : Q1 Describe what is meant by Emotional intelligence and explain its value in Human Resource recruitment/selection activities?

What are two tactics rob can use without leaving his job : Review "Resisting Requests to Act Unethically" in the textbook. What are two tactics Rob can use without leaving his job

Find what cost of goods sold for the year is : If Frisco's cost of goods manufactured for 2019 amounted to $1,890,000, its cost of goods sold for year is? During 2019, $800,000 of raw materials were purchase

What is ending inventory under the LIFO method : Use this inventory information for the month of March to answer the following question. What is ending inventory under the LIFO method

Advantages and disadvantages of group decision making : Why do organizations tend to use groups to make selection decisions? What are the advantages and disadvantages of group decision making?

List five complaints of the water park attendants : Wally's Water Park ("Wally's") is a year-round, themed water park. It employs approximately 150 employees.

What the work of factory employees that can be physically : What the work of factory employees that can be physically and directly associated with converting raw materials into finished goods is

User Account

All Pages

Find what cost of goods sold for the year is

Reference no: EM132784143

Reference no: EM132784143

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT