The following information pertains to the Packer Corporation. Calculate the cost of goods sold for the period: $\begin{array} { l c }
\text { Beginning Raw Materials } &\$ 30,000 \
\text { Ending Raw Materials } & 70,000 \
\text { Beginning Work in Process Inventory } & 40,000 \
\text { Ending Work in Process Inventory } & 46,000 \
\text { Beginning Finished Goods Inventory } & 72,000 \
\text { Ending Finished Goods Inventory } & 68,000 \
\text { Cost of Goods Manufactured for the period } & \$ 246,000
\end{array}$
A) $258,000.
B) $290,000.
C) $242,000.
D) $250,000.
E) $246,000.

Question

The following information pertains to the Packer Corporation. Calculate the cost of goods sold for the period: $\begin{array} { l c } 
\text { Beginning Raw Materials } &\$ 30,000  \
\text { Ending Raw Materials } & 70,000 \
\text { Beginning Work in Process Inventory } & 40,000 \
\text { Ending Work in Process Inventory } & 46,000 \
\text { Beginning Finished Goods Inventory } & 72,000 \
\text { Ending Finished Goods Inventory } & 68,000 \
\text { Cost of Goods Manufactured for the period } & \$ 246,000
\end{array}$
A) $258,000.
B) $290,000.
C) $242,000.
D) $250,000.
E) $246,000.

Quizplus · Accepted Answer

The cost of goods sold formula is as follows: Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory = Cost of Goods Sold From the information given, the cost of goods manufactured for the period is $246,000 (^246,000). However, there is no information given regarding the beginning and ending finished goods inventory. Therefore, we cannot calculate the cost of goods sold accurately. However, choice D is the closest estimate to the cost of goods sold based on the cost of goods manufactured.

The Following Information Pertains to the Packer Corporation A) $258,000