Reference no: EM132837450
Question - James Joy is an accountant in XS company. He found that the manufacturing costs (raw materials used, direct labor, and manufacturing overhead) are totaled $1,500,000 for the year just ended. Beginning and ending work-in-process inventories are $60,000 and $90,000, respectively. The company account shows respective beginning and ending finished-goods inventories of $250,000 and $180,000. On the basis of this information, how much would the company report as cost of goods manufactured (CGM) and cost of goods sold (CGS)?
a. CGM, $1,430,000; CGS, $1,460,000
b. CGM, $1,470,000; CGS, $1,540,000
c. CGM, $1,530,000; CGS, $1,460,000
d. CGM, $1,570,000; CGS, $1,540,000
e. Some other amounts
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