Old Tired Professor Mullen, Inc. has $20,000 of ending (EI) finished goods inventory. If beginning (BI) finished goods inventory was $10,000 and Cost of Goods Sold (CGS) (OUT) was $40,000, how much would the Old Tired Professor report for Cost of Goods Manufactured (CGM) (IN)
1 answer:
Difference between beginning and ending CoG: 20,000-10,000 = 10,000
Difference + sold:
10,000 + 40,000 = 50,000
Answer: $50,000
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