The gross profit of Abel Company for 2010 is $300, 000, cost of goods manufactured is $400, 000, the beginning inventories of goods in process and finished goods are $28, 000 and $35, 000, respectively, and the ending inventories of goods in process and finished goods are $50, 000 and $70, 000, respectively.The cost of goods sold of Abel Company for 2010 must have been

Question

Quizplus · Accepted Answer

To find the cost of goods sold, we need to use the following formula:
Cost of goods sold = Beginning inventory of finished goods + Cost of goods manufactured - Ending inventory of finished goods

Beginning inventory of finished goods = $35,000
Cost of goods manufactured = $400,000
Ending inventory of finished goods = $70,000

Therefore, Cost of goods sold = $35,000 + $400,000 - $70,000 = $365,000

Therefore, the answer is D, $365,000.

The Gross Profit of Abel Company for 2010 Is $300