Question:At the beginning of the year, XYZ reported balances in Work in Process Inventory and Finished Goods Inventory, respectively, of $174,000 and $102,000. During the year, materials, labor, and overhead costs totaling $678,000 were added to the production. Products costing $612,000 were transferred to finished goods during the year. At the end of the year, the balance in Finished Goods Inventory is $72,000. What amount should XYZ report as Cost of Goods Sold for the year?
A $714,000
B $582,000
C $678,000
D $642,000
+ AnswerC
+ Explanation
+ Report
Total Preview: 669