Question

Coronado Industries has $16000 of ending finished goods inventory as of December 31, 2013. If beginning finished goods inventory was $11000 and cost of goods sold was $46000, how much would Coronado report for cost of goods manufactured

Answer 1

$51,000

Step-by-step explanation:

Coronado industries has $16,000 of ending finished goods

The beginning finished goods inventory is $11,000

Cost of goods sold is $46,000

Therefore the cost of goods manufactured for Corona report can be calculated as follows

=$46,000+($16,000-$11,000)

= $46,000+$5,000

= $51,000

Therefore the cost of goods manufactured is $51,000