If the balance in the Finished Goods Inventory account is increased by $34,000 during the period and the cost of goods manufactured was $321,000, how much is cost of goods sold?

Question

Quizplus · Accepted Answer

The cost of goods sold (COGS) can be calculated by subtracting the increase in the Finished Goods Inventory from the cost of goods manufactured. Thus, COGS = $321,000 - $34,000 = $287,000.

If the Balance in the Finished Goods Inventory Account Is