January 31 January 1 Finished goods Work-in-process Direct materials $125,000 235,000 $117,000 251,000 124,000 134,000 The following additional manufacturing data was available for the month of January. Direct materials purchased $189,000 Transportation in 3,000 Direct labor 400,000 Actual factory overhead 175,000 Culpepper Corporation applies factory overhead at a rate of 40% of direct labor cost, and any overapplied or underapplied factory overhead is deferred until the end of the year. Culpepper's balance in its factory overhead control account at the end of January was: 3. $5,000 underapplied. 4. $5,000 overapplied. 1. $15,000 overapplied. 2. $15,000 underapplied.

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A: The cost of goods sold includes the cost of goods that are sold during the period.

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A:

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.