The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufactu

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The Following Account Balances At The Beginning Of January Were Selected From The General Ledger Of Ocean City Manufactu 1 (866.62 KiB) Viewed 37 times

The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company: Work in process inventory Raw materials inventory Finished goods inventory $0 $29,000 $40,100 Additional data: 1. Actual manufacturing overhead for January amounted to $68,800. 2. Total direct labor cost for January was $63,800. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $255,000 of direct labor cost and $382,500 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,600 (1,700 direct labor hours) and total direct material charges were $14,700. 5. Cost of direct materials placed in production during January totaled $123,000. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $35,600. 7. Finished goods inventory balance on January 31 was $34,800. What is the cost of goods sold for January? A. $315,400 B. $211,267 C. $259,100 $235,300