Dorsett Technologies had ﬁnished goods inventory on January 1, 20X8 of $29,300 and ﬁnished goods inventory on December 31, 20X8 of $24,100.If the cost of goods manufactured for the year was $385,000, what was the cost of goods sold for the year?

Question

Quizplus · Accepted Answer

The cost of goods sold can be calculated as follows:

Cost of goods manufactured = Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory
$385,000 = $29,300 + Cost of goods sold - $24,100
Cost of goods sold = $390,200

Therefore, the correct answer is choice C.

Dorsett Technologies Had ﬁNished Goods Inventory on January 1, 20X8