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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

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  1. 22 November, 07:34
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    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.
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