Edmiston Manufacturing Company reported the following year-end information: beginning work in process inventory, $80,000; cost of goods manufactured, $880,000; beginning finished goods inventory, $50,000; ending work in process inventory, $70,000; and ending finished goods inventory, $40,000. How much is Edmiston's cost of goods sold for the year?

Question

Quizplus · Accepted Answer

Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory = $50,000 + $880,000 - $40,000 = $890,000.

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