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Ting Company started the accounting period with the following beginning balances: Raw Materials Inventory, $50,000;...

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Accounting

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Ting Company started the accounting period with the following beginning balances: Raw Materials Inventory, $50,000; Work in Process Inventory, $98,000, and Finished Goods Inventory, $28,000. During the accounting period, the company purchased $68,000 of raw materials and ended the period with $24,000 in raw material inventory. Direct labor costs for the period were $128,000 and $44,000 of manufacturing overhead costs were allocated to work in process. There was no over- or underapplicd overhead. Ending work in process was $90,000 and ending finished goods was $43,000. Goods were sold during the period for $358,000. The amount of cost of goods manufactured (ie,, amount transferred from work in process to finished goods) would be: Mutiple Choice $270.000 $274,000 5221,500

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