Bonita Industries reported the following year-end information: beginning work in process inventory, $190000; cost of goods manufactured, $866000; beginning finished goods inventory, $252000; ending work in process inventory, $230000; and ending finished goods inventory, $274000. Bonita Industries's cost of goods sold for the year is

Question

Business

Gideon Sampson

22 November, 05:59

Bonita Industries reported the following year-end information: beginning work in process inventory, $190000; cost of goods manufactured, $866000; beginning finished goods inventory, $252000; ending work in process inventory, $230000; and ending finished goods inventory, $274000. Bonita Industries's cost of goods sold for the year is

+5

Answers (1)

Know the Answer?

Parker Cantu · Answer 1

Bonita Industries's cost of goods sold for the year is $844,000

Explanation:

Beginning work in process inventory, $190000

Ending work in process inventory, $230000

Cost of goods manufactured, $866000

Beginning finished goods inventory, $252000

Ending finished goods inventory, $274000

Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory

Cost of Goods Sold = $252000 + $866000 - $274000

Cost of Goods Sold = $844000

*Beginning work in process inventory and Ending work in process inventory has already been dealt in cost of goods manufactured calculations.