Question

A manufacturing company has a beginning finished goods inventory of $16,500, raw material purchases of $19,900, cost of goods manufactured of $36,300, and an ending finished goods inventory of $19,700. The cost of goods sold for this company is: Multiple Choice $23,100. $52,800.

Answer 1

Answer:

Cost of goods sold=$33,100

Explanation:

Given data:

Beginning finished goods inventory=$16,500

Raw material purchases=$19,900

Cost of goods manufactured=$36,300

Ending finished goods inventory=$19,700

Required:

Cost of goods sold for this company=?

Solution:

Cost of goods sold= Beginning Inventory+Cost of f goods manufactured- Ending Inventory

Cost of goods sold=$16,500+$36,300-$19,700

Cost of goods sold=$33,100