Question

Using the information below, calculate cost of goods sold for the period: Sales revenues for the period $ 1,314,000 Operating expenses for the period 249,000 Finished Goods Inventory, January 1 46,000 Finished Goods Inventory, December 31 51,000 Cost of goods manufactured for the period 550,000A-$774,000.

B-$769,000.


C-$530,000.


D-$535,000.


E-$448,000.

Answer 1

Answer;

Sales revenue $1,314,000

Less cost of goods sold:

Finished inventory Opening balance $46,000

Add Cost of Goods manufactured in the year $550,000

Total inventory available for sale $596,000

Less closing inventory balance $51,000

Cost of goods sold $ 545,000

Gross profit $769,000

Answer: $545,000