Question

The accounting records of Brownwood Company revealed the following information: Work in process inventory, Jan 1 58,000 Work in process inventory, Dec 31 49,000 Finished Goods Inventory, Jan 1, 125,000 Finished Goods Inventory, Dec 31 158,000 Direct Materials used 104,000 Direct Labor 214,000 Factory equipment depreciation 300,000 Factory utilities and rent 186,000

Brownwood's cost of goods sold is:

$721,000.

$730,000.

$778,000.

$787,000.

some other amount

Answer 1

$721,000 is correct

Step-by-step explanation:

Cost of goods sold =754000 + 125000 -158000

=721,000