The cost of goods sold for a manufacturing firm for the month of January was $90,000.The finished goods inventory was $15,000 on January 1 and $17,500 on January 31.Beginning and ending work-in-process inventories were $20,000 and $25,000, respectively.What was the cost of goods manufactured during January?

Question

Quizplus · Accepted Answer

Cost of goods manufactured = Beginning work-in-process inventory + Cost of goods sold - Ending work-in-process inventory - Ending finished goods inventory + Beginning finished goods inventory= $20,000 + $90,000 - $25,000 - $17,500 + $15,000= $92,500

The Cost of Goods Sold for a Manufacturing Firm for the Month