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13 May, 13:52

Lots of Stuff Company reports the following data for its first year of operation. Cost of goods manufactured $455 comma 700455,700 Work in process inventory, beginning 0 Work in process inventory, ending 140 comma 600140,600 Direct materials used 110 comma 000110,000 Direct Labor 139 comma 000139,000 Manufacturing overhead 185 comma 800185,800 Finished goods inventory, beginning 0 Finished goods inventory, ending 90 comma 40090,400 What is the cost of goods sold?

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  1. 13 May, 14:42
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    The cost of goods sold is $365,300

    Explanation:

    The computation of the cost of goods sold is calculated by applying the formula which is shown below:

    = Beginning finished goods inventory + cost of goods manufactured or purchased - ending finished goods inventory

    = $0 + $455,700 - $90,400

    = $365,300

    Here, the cost of goods manufactured means purchase of the inventory

    The other items which are displayed in the question are irrelevant. Hence, ignored it.
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