Ragtime Company had the following information for the year:

Direct materials used	$	117,300
Direct labor incurred (5,700 hours)	$	153,100
Actual manufacturing overhead incurred	$	166,100

Ragtime Company used a predetermined overhead rate of $37 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,300. What was cost of goods manufactured?

Multiple Choice

• $445,800

• $464,000

• $436,500

• $270,400

Cost of goods sold is the amount of cost transferred:

Multiple Choice

• out of Work in Process Inventory and into Cost of Goods Sold.

• out of Finished Goods Inventory and into Cost of Goods Sold.

• out of Work in Process Inventory and into Finished Goods Inventory.

• out of Work in Process Inventory and into Manufacturing Overhead.