Wedge Company paid $8,000 for materials (all of which was used in production during the year), $7,000 to manufacturing workers, $4,000 to office workers, $5,000 for the factory utilities, and $1,000 for office utilities. During the year, the company manufactured 1,000 parts and sold 750 of them. There were no units in beginning inventory at the start of the period. 1. What was Wedge’s cost of goods sold for the year? [ Select ] ["$25,000", "$20,000", "$18,750", "$15,000"] 2. What was the value of Wedge’s inventory at the end of
Wedge Company paid $8,000 for materials (all of which was used in production during the year), $7,000 to manufacturing workers, $4,000 to office workers, $5,000 for the factory utilities, and $1,000 for office utilities. During the year, the company manufactured 1,000 parts and sold 750 of them. There were no units in beginning inventory at the start of the period. 1. What was Wedge’s cost of goods sold for the year? [ Select ] ["$25,000", "$20,000", "$18,750", "$15,000"] 2. What was the value of Wedge’s inventory at the end of
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Wedge Company paid $8,000 for materials (all of which was used in production during the year), $7,000 to manufacturing workers, $4,000 to office workers, $5,000 for the factory utilities, and $1,000 for office utilities. During the year, the company manufactured 1,000 parts and sold 750 of them. There were no units in beginning inventory at the start of the period.
1. What was Wedge’s cost of goods sold for the year? [ Select ] ["$25,000", "$20,000", "$18,750", "$15,000"]
2. What was the value of Wedge’s inventory at the end of the year?
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