Cost of goods manufactured equals $44,000 for 2013. Finished goods inventory is $2,500 at the beginning of the year and $5,500 at the end of the year. Total manufacturing overhead applied is $4,500. Beginning and ending work in process for 2013 are $6,000 and $5,000 respectively. How much is cost of goods sold for the year?

Question

Quizplus · Accepted Answer

Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory = $2,500 + $44,000 - $5,500 = $41,000.

Cost of Goods Manufactured Equals $44,000 for 2013