Calculate the cost of goods sold using the following information: Direct materials used $ 299,900 Direct labor used 133,400 Factory overhead costs 265,400 General and administrative expenses 86,900 Selling expenses 50,200 Work in Process inventory, January 1 119,900 Work in Process inventory, December 31 127,300 Finished goods inventory, January 1 233,500 Finished goods inventory, December 31 240,100

Suppose that a paving company produces paved parking spaces (q) using a fixed quantity of land (t) and variable quantities of cement (c) and labor (l). the firm is currently paving 1,000 parking spaces. the firm's cost of cement is $3 comma 600.003,600.00 per acre covered (c) and its cost of labor is $35.0035.00/hour (w). for the quantities of c and l that the firm has chosen, mp subscript upper c baseline equals 60mpc=60 and mp subscript upper l baseline equals 7mpl=7. is this firm minimizing its cost of producing parking spaces?