Econo Company
in July, Econo Company Purchased Materials Costing $21,000

Multiple Choice

Econo Company
In July, Econo Company purchased materials costing $21,000 and incurred direct labour cost of $18,000. Manufacturing overhead totalled $32,000 for the month. Information on inventories was as follows: $\begin{array}{lrr}&\text { July } 1& \text { July } 31\\\text { Materials } & \$ 6,200 & \$ 7,100 \\\text { Work-in-process } & \$ 700 & \$ 1,200 \\\text { Finished goods } & \$ 3,300 & \$ 2,700\end{array}$
-Refer to Ballard Company. Suppose each set of portable speakers has a per-unit product cost of $112. What would be the cost of finished goods inventory on December 31?

A) $24,640
B) $116,480
C) $124,640
D) $141,120