Question

Dolan Company's accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials inventory $310000 $260000 Work in process inventory 300000 160000 Finished goods inventory 190000 150000 During 2020, $800000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. If Dolan Company's cost of goods manufactured for 2020 amounted to $1890000, its cost of goods sold for the year is ______ $2000000. $1930000. $1750000. $1850000.

Answer 1

Answer:

Cost Of Goods Sold= $1,930,000

Explanation:

Giving the following information:

Beginning Finished goods inventory 190000

Ending Finished goods inventory 150000

Cost of goods manufactured for 2020 amounted to $1890000

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

COGS= 190,000 + 1,890,000 - 150,000= $1,930,000