Question
The following information was taken from Kay Companys accounting records for the year ended December 31 st : Increase in Direct Materials inventory over period
The following information was taken from Kay Companys accounting records for the year ended December 31st:
| Increase in Direct Materials inventory over period | $15,000 |
| Decrease in finished goods inventory | $35,000 |
| Direct Materials purchased | $430,000 |
| Direct labour Payroll | $200,000 |
| Factory Overhead Applied | $300,000 |
| Freight Outwards | $45,000 |
There was no work in process inventory at the beginning or end of the period. Kays cost of goods sold is:
| A. | $965,000 | |
| B. | $950,000 | |
| C. | $975,000 | |
| D. | $995,000 |
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College Accounting A Practical Approach Chapters 1-25
Authors: Jeffrey Slater
12th Edition
013277206X, 978-0132772068
