Edmiston Company reported the following year-end information: beginning work in process inventory, $80,000; cost of goods manufactured, $780,000; beginning finished goods inventory, $50,000; ending work in process inventory, $70,000; and ending finished goods inventory, $40,000.How much is Edmiston's cost of goods sold for the year?
A)$780,000
B)$790,000
C)$770,000
D)$800,000

Question

Quizplus · Accepted Answer

Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory = $50,000 + $780,000 - $40,000 = $790,000.

Edmiston Company Reported the Following Year-End Information: Beginning Work in Process