Calculate the cost of goods sold when beginning finished goods inventory equals $80,000,ending finished goods inventory $65,000,and cost of goods manufactured $600,000.

Question

Quizplus · Accepted Answer

The cost of goods sold is calculated as: Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory = $80,000 + $600,000 - $65,000 = $615,000.

Calculate the Cost of Goods Sold When Beginning Finished Goods