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25 February, 16:33

During July, the cost of goods manufactured at Xxis Corporation was $70,000. The beginning finished goods inventory was $19,000 and the ending finished goods inventory was $15,000. What was the cost of goods sold for the month

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  1. 25 February, 19:23
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    The cost of goods sold = $74,000

    Explanation:

    Cost of goods sold is computed as

    Opening stock + production - closing inventory

    The figure is always subtracted from the sales revenue to determine the gross profit

    The cost of goods of XXis Corporation

    Cost of goods sold = 19,000 + 70,000 - 15,000

    = $74,000

    The cost of goods sold = $74,000
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