Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. You make a promise to keep funds on deposit for a stated period of time when you open a [MMDA | CD].

The term "inventory," for a merchandiser, refers to ________

A) raw materials that are used for production B) equipment that are used in production process C) the cost of goods sold D) goods held for sale to customers

South State, Inc used $153,000 of direct materials and incurred $63,000 of direct labor costs during the year

Indirect labor amounted to $270,000, while indirect materials used totaled $53,000. Other operating costs pertaining to the factory included utilities of $135,500; maintenance of $70,260; repairs of $53,400; depreciation of $133,000; and property taxes of $74,640. There was no beginning or ending finished goods inventory, but Work-in-Process inventory began the year with a $5,000 balance and ended the year with a $7,400 balance. How much is the cost of goods manufactured? A) $12,400 B) $1,003,400 C) $1,010,800 D) $1,005,800