Question

Romeo corporation reports the following for the year: finished goods inventory, january 1 $ 3,800 finished goods inventory, december 31 4,600 total cost of goods sold 15,400 the cost of goods manufactured for the year is:

Answer 1

To calculate the cost of goods manufactured for the year for Romeo corporation, we use the formula: Cost of Goods Manufactured equals Total Cost of Goods Sold plus Ending Finished Goods Inventory minus Beginning Finished Goods Inventory. Using the provided figures, the calculation results in a cost of goods manufactured for the year of $16,200.

Step-by-step explanation:

The question is asking us to calculate the cost of goods manufactured for the year for Romeo corporation. We can use the following formula to calculate this:

Cost of Goods Manufactured = Total Cost of Goods Sold + Ending Finished Goods Inventory - Beginning Finished Goods Inventory

To apply the formula using the provided figures:

1. Total Cost of Goods Sold = $15,400
2. Ending Finished Goods Inventory (December 31) = $4,600
3. Beginning Finished Goods Inventory (January 1) = $3,800

Now let's plug the values into the formula:

Cost of Goods Manufactured = $15,400 + $4,600 - $3,800 = $16,200

So, the cost of goods manufactured for the year by Romeo corporation was $16,200.