Ringgold Company had beginning finished goods of $36,000.During the period,the company produced goods that cost $150,000.If the ending balance in the Finished Goods Inventory account was $24,000,the amount of cost of goods sold was:

Question

Quizplus · Accepted Answer

Cost of goods sold = Beginning finished goods + Cost of goods manufactured - Ending finished goods
Cost of goods sold = $36,000 + $150,000 - $24,000 = $162,000

Ringgold Company Had Beginning Finished Goods of $36,000