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

Question

Business

Wilkinson

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

+4

Answers (1)

Know the Answer?

Mike Summers · Answer 1

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