Question

Use the following data to calculate the cost of goods sold for the period:

Beginning Raw Materials Inventory $31,700
Ending Raw Materials Inventory 71,700
Beginning Work in Process Inventory 41,700
Ending Work in Process Inventory 47,700
Beginning Finished Goods Inventory 73,700
Ending Finished Goods Inventory 69,700
Cost of Goods Manufactured for the period 247,700
a. $247,700.
b. $251,700.
c. $259,700.
d. $243,700.
e. $291,700..

Answer 1

COGS= $251,700

Step-by-step explanation:

Giving the following formula:

Beginning Finished Goods Inventory 73,700

Ending Finished Goods Inventory 69,700

Cost of Goods Manufactured for the period 247,700

To calculate the cost of goods sold, we need to use the following formula:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 73,700 + 247,700 - 69,700

COGS= $251,700