Using the information below, calculate the cost of goods manufactured for the period: beginning raw materials inventory $ 25,000 ending raw materials inventory 30,000 beginning work in process inventory 55,000 ending work in process inventory 64,000 beginning finished goods inventory 80,000 ending finished goods inventory 67,000 cost of goods sold for the period 540,000 sales revenues for the period 1,254,000 operating expenses for the period 232,000

Which of the following statements is correct? large corporations are taxed more favorably than sole proprietorships. corporate stockholders are exposed to unlimited liability. due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u. s. businesses (in terms of number of businesses) are organized as corporations. most businesses (by number and total dollar sales) are organized as partnerships or proprietorships because it is easier to set up and operate in one of these forms rather than as a corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, mainly because corporations have important tax advantages over proprietorships and partnerships. most business (measured by dollar sales) is conducted by corporations in spite of large corporations’ often less favorable tax treatment, due to legal considerations related to ownership transfers and limited liability.