Question

Compute cost of goods sold for the period using the following information. Finished goods inventory, beginning $ 376,000 Work in process inventory, beginning 86,000 Work in process inventory, ending 76,200 Cost of goods manufactured 949,900 Finished goods inventory, ending 286,000

Answer 1

Answer:

COGS= $1,039,000

Explanation:

Giving the following information:

Finished goods inventory, beginning $ 376,000

Cost of goods manufactured 949,900

Finished goods inventory, ending 286,000

To calculate the cost of goods sold (COGS), we need to use the following formula:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 376,000 + 949,900 - 286,000

COGS= $1,039,000