Question

Solt Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Finished Goods Bal. 1/1 38,000 Credits ? Debits ? Bal. 12/31 50,000 The Cost of Goods Manufactured for the year was $415,000.The unadjusted Cost of Goods Sold for the year was:

Answer 1

The unadjusted Cost of Goods Sold for the year was: $403,000

Step-by-step explanation:

Calculation of Cost of Goods Sold

Opening Finished Goods Inventory $38,000

Add Cost of Goods Manufactured for the year $415,000

Less Ending Finished Goods Inventory ($50,000)

Cost of Goods Sold $403,000