The following information was taken from Cody Co.’s accounting records for the year ended December 31, 2006:
align=”left”>
|
Decrease in raw materials inventory |
$ 15,000 |
|
Increase in finished goods inventory |
35,000 |
|
Raw material purchased |
430,000 |
|
Direct labor payroll |
200,000 |
|
Factory overhead |
300,000 |
|
Freight-out |
45,000 |
There was no work in process inventory at the beginning or end of the year. Cody’s 2006 cost of goods sold is
- $895,000
- $910,000
- $950,000
- $955,000