Cost of goods manufactured equals $88,000 for 2020.Finished goods inventory is $4,000 at the beginning of the year and $11,000 at the end of the year.Beginning and ending work in process for 2020 are $8,000 and $10,000 respectively.How much is cost of goods sold for the year?

Question

Quizplus · Accepted Answer

Cost of goods sold can be calculated as follows:
Cost of goods sold = Cost of goods manufactured + Beginning finished goods inventory - Ending finished goods inventory
= $88,000 + $4,000 - $11,000
= $81,000

Cost of Goods Manufactured Equals $88,000 for 2020