The following information was taken from the accounting records of Elliott Manufacturing Corp.Unfortunately,some of the data were destroyed by a computer malfunction.
Cost of goods manufactured is calculated to be:
A)$32,000.
B)$30,000.
C)$33,000.
D)$38,000.
E)$27,000.

Question

The following information was taken from the accounting records of Elliott Manufacturing Corp.Unfortunately,some of the data were destroyed by a computer malfunction. 
Cost of goods manufactured is calculated to be:
A)$32,000. 
B)$30,000. 
C)$33,000. 
D)$38,000. 
E)$27,000.

Quizplus · Accepted Answer

Since the cost of goods sold is given as $33,500 and the ending inventory is given as $500, the cost of goods manufactured can be calculated as follows:
Cost of goods manufactured = Cost of goods sold + Ending inventory - Beginning inventory
Cost of goods manufactured = $33,500 + $500 - $1,000 = $33,000. Therefore, the correct answer is C.

The Following Information Was Taken from the Accounting Records of Elliott