Hoovern Company provided the following data for May: $$\begin{array} { l l }
\text { Direct materials } & \$ 60,000 \
\text { Direct labour } & \$ 30,000 \
\text { Overhead } & \$ 80,000 \
\text { Beginning finished goods } & \$ 15,000 \
\text { Ending finished goods } & \$ 34,000 \
\text { Production in units } & 10,000
\end{array}$$ What is the cost of goods sold?

Question

Hoovern Company provided the following data for May: $$\begin{array} { l l } 
\text { Direct materials } & \$ 60,000 \
\text { Direct labour } & \$ 30,000 \
\text { Overhead } & \$ 80,000 \
\text { Beginning finished goods } & \$ 15,000 \
\text { Ending finished goods } & \$ 34,000 \
\text { Production in units } & 10,000
\end{array}$$ What is the cost of goods sold?

Quizplus · Accepted Answer

Cost of goods sold = Beginning finished goods + Cost of goods manufactured - Ending finished goodsCost of goods manufactured = Direct materials + Direct labour + OverheadCost of goods manufactured = $60,000 + $30,000 + $80,000 = $170,000Cost of goods sold = $15,000 + $170,000 - $34,000 = $151,000

Hoovern Company Provided the Following Data for May What Is the Cost of Goods Sold? A) $75,000 B)

Hoovern Company Provided the Following Data for May What Is the Cost of Goods Sold?
A) $75,000
B)