Question

A manufacturing company's finished goods inventory on January 1 was $68,000; cost of goods manufactured for the year was $147,000; and the December 31 finished goods inventory was $77,000. What is the cost of goods sold for the year

Answer 1

$138,000

Step-by-step explanation:

Particulars Amount

Finished goods inventory, January 1 $68,000

Add: Cost of goods manufactured $147,000

Total $215,000

Less: Finished goods inventory, December 31 $77,000

Cost of goods sold $138,000