Ellis Corporation The following information was extracted from the first year absorption-based accounting records of Ellis Corporation

Total fixed costs incurred $100,000

Total variable costs incurred 50,000

Total period costs incurred 70,000

Total variable period costs incurred 30,000

Units produced 20,000

Units sold 12,000

Unit sales price $12

Refer to Ellis Corporation.What is Cost of Goods Sold for Ellis Corporation's first year? A)$80,000 B)$90,000 C)$48,000 D)can't be determined from the information given

Question

Ellis Corporation The following information was extracted from the first year absorption-based accounting records of Ellis Corporation

Total fixed costs incurred	$100,000
Total variable costs incurred	50,000
Total period costs incurred	70,000
Total variable period costs incurred	30,000
Units produced	20,000
Units sold	12,000
Unit sales price	$12

Refer to Ellis Corporation.What is Cost of Goods Sold for Ellis Corporation's first year? A)$80,000 B)$90,000 C)$48,000 D)can't be determined from the information given

Quizplus · Accepted Answer

The cost of goods sold for Ellis Corporation's first year can be calculated by subtracting the ending inventory from the cost of goods available for sale. From the given information, we know that the cost of goods available for sale is $68,000 and the ending inventory is $20,000. Therefore, Cost of Goods Sold = $68,000 - $20,000 = $48,000.

Ellis Corporation The Following Information Was Extracted from the First Year Absorption-Based