Ask Question
29 November, 13:45

Compute cost of goods sold for the period using the following information. Finished goods inventory, beginning $ 374,000 Work in process inventory, beginning 85,500 Work in process inventory, ending 76,800 Cost of goods manufactured 932,800 Finished goods inventory, ending 286,000

+2
Answers (1)
  1. 29 November, 14:17
    0
    COGS = $1,029,500

    Explanation:

    Giving the following information:

    Finished goods inventory, beginning $ 374,000

    Work in process inventory, beginning 85,500

    Work in process inventory, ending 76,800

    Cost of goods manufactured 932,800

    Finished goods inventory, ending 286,000

    cost of goods manufactured = beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

    cost of goods manufactured = 85,500 + 932,800 - 76,800

    cost of goods manufactured = 941,500

    COGS = beginning finished inventory + cost of goods manufactured - ending finished inventory

    COGS = 374,000 + 941,500 - 286,000 = $1,029,500
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Compute cost of goods sold for the period using the following information. Finished goods inventory, beginning $ 374,000 Work in process ...” 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