Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lolita manufacturing inc.'s accounting records ref

Lolita Manufacturing Inc.'s accounting records reflect the following inventories: ...

70.2K

Verified Solution

Question

Accounting

Lolita Manufacturing Inc.'s accounting records reflect the following inventories:

Dec. 31, 2019 Dec. 31, 2020
Raw materials inventory $99300 $79400
Work in process inventory 129900 145500
Finished goods inventory 124200 115800

During 2020, Lolita purchased $949200 of raw materials, incurred direct labour costs of $124800, and incurred manufacturing overhead totalling $160000. Lolita Manufacturings cost of goods manufactured for 2020 amounted to $1238300. How much would it report as cost of goods sold for the year?

$1246700

$1286300

$1363100

$1229900

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

When an Hfr cell conjugates with an F- usually there is no conversion of the F-...

Biology
Q

How can you ensure a quantitative transfer of your product during transfer steps? What would be...

Chemistry
Q

A 75kg surfer is paddling out on a 10.5ft wooden longboard with density 167kg/m3 . Seawater...

Physics
Q

question about defibrillator. . Why you apply the shock . What is done when defibrillator . How defibrillator...

Physics
Q

Question, Digital Signal Processing: a)Explain in detail the difference between FIR filter and IIR filter with examples...

Electrical Engineering
Q

Figure shows a network of eight resistors e equal to 20 connected to a 3V...

Physics
Q

Solve the system using either Gaussian elimination with back substitution or Gauss Jordan elimination If...

Basic Math
Q

Integrate the given function over the given surface 3 G x y z z over...

Calculus
Q

A company makes three products the characteristics of which are given below. The resource availability...

Accounting
Q

Internal Rate of Return Analysis White Mountain Mining, LLC is considering the purchase of a...

Accounting
Q

1. The fixed costs of a company are $500,000 per year Variable costs are 50%of...

Accounting
Q

Write the following comparison as a ratio reduced to lowest terms. 14 feet to 21...

Finance