Question

The manufacturing operations of Cullumber, Inc. had the following inventory balances for the month of January:

January 1. January 31
Raw Materials. $12,720 $13,780
Work in Process 22,260. 24,380
Finished Goods. 14,840 12,720

Cullumber transferred $286,200 of completed goods out of Work in Process Inventory during January.

Compute the cost of goods sold for January.

Cost of goods sold:

Answer 1

Answer: COGS= 288,320

Step-by-step explanation

Beginning Finished Goods + Transferred of completed goods out of W/P - Ending Finiished Goods.

14,840 + 286,200 - 12,720 = 288,320