Reference: 03-07 The following data are for Potras Company: \[\begin{array} { | l | l | l | } \hline & \text { Beginning } & \text { Ending } \\ \hline \text { Finished goods inventory } & \$ 30,000 & \$ 40,000 \\ \hline \text { Work in process inventory } & \$ 20,000 & \$ 13,000 \\ \hline \text { Raw materials inventory } & \$ 21,000 & \$ 26,000 \\ \hline \text { Purchases of raw materials } & \$ 71,000 & \\ \hline \text { Factory depreciation } & \$ 5,000 & \\ \hline \text { Other factory costs } & \$ 10,000 & \\ \hline \text { Direct labour } & \$ 27,000 & \\ \hline \text { Indirect labour } & \$ 6,000 & \\ \hline \text { Selling expense } & \$ 12,000 & \\ \hline \begin{array} { l } \text { Overapplied or underapplied } \\ \text { overhead } \end{array} & - 0 - & \\ \hline \end{array}\] -The cost of goods sold was?

A) $81,000. B) $91,000. C) $131,000. D) $111,000. A) $81,000. B) $91,000. C) $131,000. D) $111,000.

Under Lamprey Company's job-order costing system, manufacturing overhead is applied to Work in Process inventory using a predetermined overhead rate. During January, Lamprey's transactions included the following: \[\begin{array} { | l | l | } \hline \text { Direct materials issued to production } & \$ 90,000 \\ \hline \text { Indirect materials issued to production } & 8,000 \\ \hline \text { Manufacturing overhead cost incurred } & 125,000 \\ \hline \text { Manufacturing overhead cost applied } & 113,000 \\ \hline \text { Direct labour cost incurred } & 107,000 \\ \hline \end{array}\] Lamprey Company had no beginning or ending inventories. What was the cost of goods manufactured for January?

A) $330,000. B) $310,000. C) $322,000. D) $302,000. A) $330,000. B) $310,000. C) $322,000. D) $302,000.

(Multiple Choice)

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(Multiple Choice)

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(Multiple Choice)

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(Multiple Choice)

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(True/False)

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