Question

Use the following data to calculate the cost of goods sold for the period: Beginning Raw Materials Inventory $ 30,400 Ending Raw Materials Inventory 70,400 Beginning Work in Process Inventory 40,400 Ending Work in Process Inventory 46,400 Beginning Finished Goods Inventory 72,400 Ending Finished Goods Inventory 68,400 Cost of Goods Manufactured for the period 246,400

Answer 1

The cost of goods sold for the period is $387,200

Step-by-step explanation:

To compute the cost of goods sold, we have to use the formula of cost of goods sold which is shown below:

Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured - ending finished goods inventory

where,

Beginning finished goods inventory is $72,400

The Cost of goods manufactured is $246,400

And, the ending finished goods inventory is $68,400

Now, put these values to the above formula

So, the answer would be equal to

= $72,400 + $246,400 - $68,400

= $387,200

Hence, the cost of goods sold for the period is $387,200