Question

A schedule of cost of goods manufactured has the following main sections:

Finished goods inventory, beginning balance: $1,000
Finish goods inventory, ending balance: $1,200
Cost of goods manufactured $5000

The cost of goods sold is:________

Answer 1

Answer: $4,800

Step-by-step explanation:

The formula for the cost of goods sold is;

= Opening finished goods + Cost of goods manufactured - Closing finished goods

= 1,000 + 5,000 - 1,200

= $4,800