Question

Using the information below, calculate cost of goods sold for the period: Sales revenues for the period$1,318,000 Operating expenses for the period 253,000 Finished Goods Inventory, January 1 50,000 Finished Goods Inventory, December 31 55,000 Cost of goods manufactured for the period 554,000

Answer 1

$549,000

Step-by-step explanation:

The formula and the computation of the cost of goods sold is shown below:

= Cost of goods manufactured for the period + Beginning finished goods inventory - ending finished goods inventory

= $554,000 + $50,000 - $55,000

= $549,000

Simply we added the beginning finished goods inventory and deduct the ending finished goods inventory to the cost of goods manufactured so that the correct amount can come

All other information which is given is not relevant. Hence, ignored it