Question

Bramble Corp. reported the following year-end information: beginning work in process inventory, $270000; cost of goods manufactured, $866000; beginning finished goods inventory, $332000; ending work in process inventory, $310000; and ending finished goods inventory, $354000. Bramble Corp.'s cost of goods sold for the year is

Answer 1

Answer: $844,000

Explanation:

Given that,

Beginning work in process inventory = $270,000

Cost of goods manufactured = $866,000

Beginning finished goods inventory = $332,000

Ending work in process inventory = $310,000

Ending finished goods inventory = $354,000

Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory

Cost of goods sold = $332,000 + $866,000 - $354,000

                                = $844,000

∴ Cost of goods sold = $844,000