Dorsett Technologies had finished goods inventory on January 1, 20X8 of $29,300 and finished goods inventory on December 31, 20X8 of $24,100.
-If the cost of goods sold for the year was $427,500, what was the cost of goods manufactured for the year?
A) $402,100.
B) $422,300.
C) $417,100.
D) $427,500.
E) None of the answers is correct.

Question

Dorsett Technologies had finished goods inventory on January 1, 20X8 of $29,300 and finished goods inventory on December 31, 20X8 of $24,100. 
-If the cost of goods sold for the year was $427,500, what was the cost of goods manufactured for the year?
A) $402,100.
B) $422,300.
C) $417,100.
D) $427,500.
E) None of the answers is correct.

Quizplus · Accepted Answer

The cost of goods manufactured for the year can be calculated using the formula: Cost of Goods Manufactured = Cost of Goods Sold + Ending Finished Goods Inventory - Beginning Finished Goods Inventory. Plugging in the given values: $427,500 + $24,100 - $29,300 = $422,300.

Dorsett Technologies Had Finished Goods Inventory on January 1, 20X8