Worth Manufacturing Company reported the following year-end information: beginning work in process inventory, $180,000; cost of goods manufactured, $716,000; beginning finished goods inventory, $252,000; ending work in process inventory, $220,000; and ending finished goods inventory, $264,000. Worth Manufacturing Company's cost of goods sold for the year is

Question

Quizplus · Accepted Answer

Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory= $252,000 + $716,000 - $264,000= $704,000

Worth Manufacturing Company Reported the Following Year-End Information: Beginning Work