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The following beginning and ending inventory balances apply to Holder Company: Beginning Ending Raw Materials Inventory $24,000 $22,000 Work in Process Inventory 32,000 33,000 Finished

The following beginning and ending inventory balances apply to Holder Company:

Beginning Ending

Raw Materials Inventory $24,000 $22,000

Work in Process Inventory 32,000 33,000

Finished Goods Inventory 20,000 17,000

During the accounting period, the company purchased $234,000 of direct raw materials. It incurred $180,000 of direct labor costs for the year and allocated $260,000 of manufacturing overhead costs to work in process. There was no overapplied or underapplied overhead. Revenue from goods sold during the year was $800,000.The amount of cost of goods manufactured (amount transferred from WIP to finished goods) was

Multiple Choice

  • $675,000.
  • $673,000.
  • $679,000.
  • None of these.

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