Question

Compute cost of goods sold for the period using the following information. Finished goods inventory, beginning $ 354,000 Work in process inventory, beginning 83,000 Work in process inventory, ending 77,100 Cost of goods manufactured 944,200 Finished goods inventory, ending 292,000

Answer 1

the cost of goods sold is $1,006,200

Step-by-step explanation:

The computation of the cost of goods sold is shown below:

As we know that

Cost of goods sold = Opening finished goods + cost of goods manufactured - closing finished goods

= $354,000 + $944,200 - $292,000

= $1,006,200

Hence, the cost of goods sold is $1,006,200