Ask Question
21 April, 18:41

The following inventory balances have been provided for the most recent year: The cost of goods manufactured was $714,000. What was the cost of goods sold? Select one: a. $738,000 b. $693,000 c. $714,000 d. $733,000

+4
Answers (1)
  1. 21 April, 19:53
    0
    a. $738,000

    Explanation:

    Calculation for the cost of goods sold

    Beginning Finished goods inventory $57,000

    Add: Cost of goods manufactured $714,000

    Goods available for sale $771,000

    ($714,000+$57,000)

    Less Ending Finished goods inventory $33,000

    Cost of goods sold $738,000

    ($771,000-$33,000)

    Therefore the cost of goods sold will be $738,000
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The following inventory balances have been provided for the most recent year: The cost of goods manufactured was $714,000. What was the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers