Question

Genco, Inc. had Cost of Goods Sold of $40,250; Beginning Finished Goods Inventory of $10,500; Ending Finished Goods Inventory of $11,750; What was the amount of goods transferred to Finished Goods Inventory?

Answer 1

The amount of goods transferred to Finished Goods Inventory for Genco, Inc. is calculated as the Cost of Goods Sold plus Ending Finished Goods Inventory minus Beginning Finished Goods Inventory, which results in $41,500.

Step-by-step explanation:

To calculate the amount of goods transferred to Finished Goods Inventory for Genco, Inc., we need to use the following formula:

Cost of Goods Manufactured (COGM) = Cost of Goods Sold (COGS) + Ending Finished Goods Inventory - Beginning Finished Goods Inventory

Now, let's substitute the given values into the formula:

COGM = $40,250 + $11,750 - $10,500

COGM = $41,500

So, the amount of goods transferred to Finished Goods Inventory is $41,500.