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Accounting

Carly Manufacturing Company's accounting records reflect the following inventories:

Dec. 31, 2008 Dec. 31, 2007
Raw materials inventory $310,000 $260,000
Work in process inventory 300,000 160,000
Finished goods inventory 190,000 150,000

During 2008, $500,000 of raw materials were purchased, direct labor costs amounted to $600,000, and manufacturing overhead incurred was $480,000.

If Carly Manufacturing Company's cost of goods manufactured for 2008 amounted to $1,390,000, its cost of goods sold for the year is

a. $1,500,000.

b. $1,250,000.

c. $1,350,000.

d. $1,430,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9405186

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