Question

The following information is available for Baker Industries: Cost of goods manufactured $ 320,000 Beginning finished goods inventory 45,000 Ending finished goods inventory 35,000 Compute the cost of goods sold.

Answer 1

Answer:

Baker Industries

The Cost of goods sold for the period is:

= $330,000

Explanation:

a) Data and Calculations:

Cost of goods manufactured       $ 320,000

Beginning finished goods inventory 45,000

Ending finished goods inventory      35,000

Cost of goods sold:

Beginning finished goods inventory $45,000

Cost of goods manufactured            320,000

Ending finished goods inventory       (35,000)

Cost of goods sold =                       $330,000