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Question 14

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The following information pertains to the Candy Corporation: Beginning finished goods, 1/1/2020 $0, Ending finished goods, 31/12/2020 $ 70,000, Cost of goods sold $270,000, Sales revenue $500,000 and net operating income $110,000. Operating expense for 2020 is:

Select one:

a.

$340,000

b.

$310,000

c.

$510,000

d.

$160,000

Question 39

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In January, one of the mixing departments at Alawneh Corporation had ending work in process inventory of $26,000. During the month, $426,000 of costs were added to production and the cost of units transferred out from the department was $436,000. The company uses the FIFO method in its process costing system. In the department's cost reconciliation report for January, the total cost to be accounted for would be:

a.

$924,000

b.

$462,000

c.

$62,000

d.

$888,000

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