Assume the Following Information What Was the Cost of Goods Manufactured During the Year

Assume the following information: $\begin{array}{lr}\text { Direct materials used } & £ 90,000 \\\text { Direct labour } & 130,000 \\\text { Factory overhead } & 150,000 \\\text { Beginning work-in-progress inventory } & 15,000 \\\text { Beginning finished goods inventory } & 20,000 \\\text { Ending work-in-progress inventory } & 42,000 \\\text { Selling and administrative expenses } & 37,500\end{array}$ What was the cost of goods manufactured during the year?

A) £370,000
B) £365,000
C) £343,000
D) £333,000

Correct Answer:

Verified

Show Answer