For the Year Just Ended, Porter Corporation's Manufacturing Costs (Raw

For the year just ended, Porter Corporation's manufacturing costs (raw materials used, direct labor, and manufacturing overhead) totaled $1,500,000. Beginning and ending work-in-process inventories were $60,000 and $90,000, respectively. Porter's balance sheet also revealed respective beginning and ending finished-goods inventories of $250,000 and $180,000. On the basis of this information, how much would the company report as cost of goods manufactured (CGM) and cost of goods sold (CGS) ?

A) CGM, $1,430,000; CGS, $1,460,000.
B) CGM, $1,470,000; CGS, $1,540,000.
C) CGM, $1,530,000; CGS, $1,460,000.
D) CGM, $1,570,000; CGS, $1,540,000.
E) Some other amounts.

Correct Answer:

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