1:43RecentRichards Company manufactures a single product. All rawmaterials used were direct materials. Current information forthe company follows:Beginning raw materials inventoryEnding raw materials inventoryRaw material purchases$ 10,00012,00090,000Beginning work in process inventory 40,000Ending work in process inventory25,000Direct labor130,000Total factory overhead60,00055,00045,000Beginning finished goods inventoryEnding finished goods inventoryOptionAThe company's cost of direct materials used, cost of goodsmanufactured and cost of goods sold are:OptionBOptionCOptionDon▸my.cbd.eduCBDCollegewww.cbd.edu—Cost ofCost of GoodsMaterials Used Manufactured$90,000$92,000$88,000$88,000$92,000$293,000$293,000.LTE$263,000$293,000$263,000Cost ofGoods Sold$283,000$303,000$283,000$303,000$293,000

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Description: 1:43RecentRichards Company manufactures a single product. All rawmaterials used were direct materials. Current information forthe company follows:Beginning raw materials inventoryEnding raw materials inventoryRaw material purchases$ 10,00012,00090,0

Cost of materials used :— It is cost of direct raw materials used in the manufacturing of product.…

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Richards Company manufactures a single product. All raw materials used were direct materials. Current information f the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases $10,000 12,000 90,000 Beginning work in process inventory 40,000 Ending work in process inventory 25,000 Direct labor 130,000 Total factory overhead 60,000 Beginning finished goods inventory 55,000 Ending finished goods inventory 45,000 The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Option A Option B Option C Option D on Cost of Cost of Goods Materials Used Manufactured $90,000 $92,000 $88,000 $88,000 $92,000 $293,000 $293,000 $263,000 $293,000 $263,000 Cost of Goods Sold $283,000 $303,000 $283,000 $303,000 $293,000

Richards Company manufactures a single product. All raw materials used were direct materials. Current information f the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases $10,000 12,000 90,000 Beginning work in process inventory 40,000 Ending work in process inventory 25,000 Direct labor 130,000 Total factory overhead 60,000 Beginning finished goods inventory 55,000 Ending finished goods inventory 45,000 The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Option A Option B Option C Option D on Cost of Cost of Goods Materials Used Manufactured $90,000 $92,000 $88,000 $88,000 $92,000 $293,000 $293,000 $263,000 $293,000 $263,000 Cost of Goods Sold $283,000 $303,000 $283,000 $303,000 $293,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....

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