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2 October, 16:27

During FY 2016, Bravo Manufacturing had a beginning finished goods inventory of $250 & ending finished goods inventory of $1,000.

Work-in-process decreased by $500 during FY 2016 and factory overhead was $2,000.

The total manufacturing costs amounted to $48,000.

Use this information to determine the FY 2016 dollar amount of: (Round dollar values & enter as whole dollars only.)

1. Cost of Goods Manufactured

2. Cost of Goods Sold

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  1. 2 October, 19:47
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    1. Cost of Goods Manufactured is $48,500

    2. Cost of Goods Sold is $47,750

    Explanation:

    1. Cost of Goods Manufactured

    Total Manufacturing Costs $48,000

    Add Decrease in Work-in-process $500

    Cost of Goods Manufactured $48,500

    2. Cost of Goods Sold

    Opening Stock of Finished Goods $250

    Add Cost of Goods Manufactured $48,500

    Less Closing Stock of Finished Goods ($1,000)

    Cost of Goods Sold $47,750
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