The Richards Company Manufactures a Single Product The Company's Cost of Raw Materials Used, Cost of Goods

Multiple Choice

The Richards Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the Richards Company follows: $$\begin{array} { l r } \text { Beginging raw materials inventory } & \$ 10,000 \\\text { Ending raw materials inventory } & 12,000 \\\text { Raw material purchases } & 90,000 \\\text { Beginging work in process inventory } & 40,000 \\\text { Ending work in process inventory } & 25,000\end{array}$$ $$\begin{array} { l r } \text { Direct labor } & 130,000 \\\text { Total factory overhead } & 60,000 \\\text { Begining finithed goods inventory } & 55,000 \\\text { Ending finished goods inventory } & 45,000\end{array}$$ The company's cost of raw materials used, cost of goods manufactured and cost of goods sold is:

A) Cost of Materials Used = $88,000
Cost of Goods Manufactured = $293,000
Cost of Goods Sold = $303,000
B) Cost of Materials Used = $92,000
Cost of Goods Manufactured = $263,000
Cost of Goods Sold = $293,000
C) Cost of Materials Used = $92,000
Cost of Goods Manufactured = $293,000
Cost of Goods Sold = $303,000
D) Cost of Materials Used = $88,000
Cost of Goods Manufactured = $263,000
Cost of Goods Sold = $283,000
E) Cost of Materials Used = $90,000
Cost of Goods Manufactured = $293,000
Cost of Goods Sold = $283,000