Chapter 2 6. Prescott Manufacturing reported the following information at year-end: Beginning Raw Materials Inventory Ending Raw Materials inventory Beginning Work in Process: Ending Work in Process: Beginning Finished Goods Inventory: Ending Finished Goods Inventory: Materials Purchased: Indirect Materials Used Direct Labor Wages: Indirect Labor Wages: Production Equipment Depreciation Equipment Maintenance: Factory Rent Office Supplies Used: Selling and Administrative Expenses: $6,000 $5,000 $25,000 $30,000 $10,000 $12,000 $120,000 $35,000 $400,000 $620,000 $50,000 $25,000 $75,000 $20,000 $3,563,000 What was Prescott's Cost of Goods Manufactured for the period? A. $1,300,000 B. $1,286,000 C. $2,500,000 D. $1,375,000 7. Lean'N'Mean Manufacturing uses just-in-time inventory techniques to reduce their carrying costs Despite having a low level of working capital, they experience significant sales and production levels. Lean'N'Mean reported the following information at year-end: Beginning Raw Materials Inventory Ending Raw Materials inventory: Beginning Work in Process: Ending Work in Process: Beginning Finished Goods Inventory Ending Finished Goods Inventory: Materials Purchased: Indirect Materials Used: Direct Labor Wages: Indirect Labor Wages: Production Equipment Depreciation: Equipment Maintenance Factory Rent Office Supplies Used: Selling and Administrative Expenses: $500 $600 $2,000 $2,100 $1,200 $900 $65,000 $2,000 $72,000 $100,000 $5,000 $3,000 $5,000 $200 $328,000 What was Lean'N'Mean's Cost of Goods Sold for the period? A. $250,100 B. $325,000 C. $276,000 D. $215,000