Question

At the beginning of the most recent month's operations, finished goods inventory was $30,000. The cost of goods manufactured was $326,000 and ending finished goods inventory was $42,000. What was the cost of goods sold for the month?

Answer 1

$314,000

Step-by-step explanation:

Calculation to determine the cost of goods sold for the month

Finished goods inventory, beginning $30,000

Add: Cost of goods manufactured $326,000

Goods available for sales $356,000

($30,000+$326,000)

Less Finished goods inventory, Ending $42,000

Cost of goods sold $314,000

($356,000-$42,000)

Therefore the cost of goods sold for the month is $314,000