Reference: 02-06
Geneva Steel Corporation Produces Large Sheets of Heavy

Multiple Choice

Reference: 02-06
Geneva Steel Corporation produces large sheets of heavy gauge steel. The company showed the following amounts relating to its production for the year just completed: $$\begin{array} { | l | r | } \hline \text { Direct materials used in production } & \$ 110,000 \\\hline \text { Direct labour costs for the year } & 55,000 \\\hline \text { Work in process, beginning } & 22,000 \\\hline \text { Finished goods, beginning } & 45,000 \\\hline \text { Cost of goods available for sale } & 288,000 \\\hline \text { Cost of goods sold } & 238,000 \\\hline \text { Work in process, ending } & 16,000 \\\hline\end{array}$$
-The balance of the finished goods inventory at the end of the year was:

A) $50,000.
B) $45,000.
C) $95,000.
D) $193,000.