Information from the records of Place, Inc., for December is as follows:

Net income for the month of December is:
A) $644,000.
B) $36,000.
C) $636,000.
D) $180,000.

Question

Information from the records of Place, Inc., for December is as follows:  
 
Net income for the month of December is:
A) $644,000. 
B) $36,000. 
C) $636,000. 
D) $180,000.

Quizplus · Accepted Answer

SUPPORTING CALCULATIONS:
COGM = ($24,000 + $176,000 - $28,000) + $200,000 + $270,000 + $50,000 - $56,000 = $636,000 COGS = $636,000 + $46,000 - $38,000 = $644,000
NI = $820,000 - $140,000 - $644,000 = $36,000
Cost of goods manufactured:
 
 11ea8a4c_491f_0a4a_a0e6_3d9afe321e4f_TB5550_00 Cost of goods sold:
 
 11ea8a4c_491f_315b_a0e6_352f690bbeb1_TB5550_00

Information from the Records of Place, Inc