Question

Using the information below, calculate cost of goods sold for the period: Sales revenues for the period$1,312,000 Operating expenses for the period 247,000 Finished Goods Inventory, January 1 44,000 Finished Goods Inventory, December 31 49,000 Cost of goods manufactured for the period 548,000

Answer 1

Answer:

COGS= $543,000

Explanation:

Giving the following information:

Cost of goods manufactured for the period 548,000

Finished Goods Inventory, January 1 44,000

Finished Goods Inventory, December 31 49,000

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= 44,000 + 548,000 - 49,000

COGS= $543,000