Question

Concord Corporationreported the following year-end information: beginning work in process inventory, $250000 cost of goods manufactured, $866000 beginning finished goods inventory, $292000 ending work in process inventory, $270000 and ending finished goods inventory, $314000 Concord Corporation's cost of goods sold for the year is:____________.

Answer 1

Answer:

$228,000

Explanation:

Beginning work in process inventory, $250000

Cost of goods manufactured, $866000

Beginning finished goods inventory, $292000

Ending work in process inventory, $270000

Ending finished goods inventory, $314000

Cost of Goods Sold = Beginning work in process inventory + Beginning finished goods inventory - Ending finished goods inventory, $314000

Cost of Goods Sold = $250,000 + $292,000 - $314,000

Cost of Goods Sold = 228,000