Use the cost information below for Ruiz, Inc. to determine cost of goods manufactured for the year:

Work in Process, January 1	$	50,200
Work in Process, December 31		37,100
Total factory overhead		5,600
Direct materials used		12,600
Direct labor used		26,600

Multiple Choice

• $13,100.

• $52,300.

• $95,000.

• $57,900.

• $44,800.

Using the information below, calculate gross profit for the period:

Beginning Raw Materials Inventory	$	27,000
Ending Raw Materials Inventory		32,000
Beginning Work in Process Inventory		59,000
Ending Work in Process Inventory		68,000
Beginning Finished Goods Inventory		84,000
Ending Finished Goods Inventory		71,000
Cost of Goods Sold for the period		560,000
Sales Revenues for the period		1,294,000
Operating Expenses for the period		252,000

Multiple Choice

• $141,000.

• $747,000.

• $1,042,000.

• $734,000.

• $482,000.