Franklin Manufacturing provided the following information for the month ended March 31: $\begin{array} { |l | r| }
\hline\text { Sales Revenue } & \$ 15,000 \
\hline \text { Beginning Finished Goods Inventory } & 11,000 \
\hline \text { Ending Finished Goods Inventory } & 9500 \
\hline \text { Cost of Goods Manufactured } & 19,600 \
\hline
\end{array}$
Compute cost of goods sold.

Question

Franklin Manufacturing provided the following information for the month ended March 31: $\begin{array} { |l | r| } 
\hline\text { Sales Revenue } & \$ 15,000 \
\hline \text { Beginning Finished Goods Inventory } & 11,000 \
\hline \text { Ending Finished Goods Inventory } & 9500 \
\hline \text { Cost of Goods Manufactured } & 19,600 \
\hline
\end{array}$
 Compute cost of goods sold.

Quizplus · Accepted Answer

$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\text { Franklin Manufacturing }$ 
$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\text {Income Statement}$
$\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\text {Month Ended March 31, 20?X}$
$ \begin{array}{lr}
\text { Revenues }&&\
 \text { Sales Revenue}&&\$ 15,000 \
\text { Cost of Goods Sold }&&\
\text { Beginning Finished Goods Inventory } & \$ 11,000 \
 \text { Cost of Goods Manufactured } & \underline{19,600} \ 
\text { Cost of Goods Available for Sale } & 30,600 \
 \text { Ending Finished Goods Inventory } & \underline{9,500} \
 \text { Cost of Goods Sold}&&\underline{21,100}\
 \text { Gross Profit}&&\underline{\$ 6,100} 
 \end{array} $

Franklin Manufacturing Provided the Following Information for the Month Ended