Question

A manufacturing company has a beginning finished goods inventory of $28,800, cost of goods manufactured of $59,000, and an ending finished goods inventory of $28,100. The cost of goods sold for this company is

Answer 1

The cost of goods sold for this company is $59,700

Step-by-step explanation:

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

In the company:

Beginning finished goods inventory: $28,800

Cost of goods manufactured: $59,000

Ending finished goods inventory: $28,100

Therefore,

Cost of goods sold = $28,800 + $59,000 - $28,100 = $59,700