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balu736 [363]
3 years ago
9

Cost of goods manufactured for Branson Books for the year was $860,000. Beginning work-in-process inventory was $40,000. Ending

work-in-process was $60,000. If the beginning finished goods inventory was $400,000 and the ending finished goods inventory was $990,000.
Required:
What was the cost of goods sold for the year?
Business
1 answer:
Crank3 years ago
5 0

Answer:

Cost of goods sold = $270,000

Explanation:

Given:

Cost of goods manufactured = $860,000

Beginning work-in-process = $40,000

Ending work-in-process = $60,000

Beginning finished goods = $400,000

Ending finished goods inventory = $990,000

Computation:

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

Cost of goods sold = $860,000 + $400,000 - $990,000

Cost of goods sold = $270,000

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