The cost of goods sold for Frye Manufacturing in 2015 was $233,000. The January 1, 2015, finished goods inventory balance was $31,600, and the December 31, 2015, finished goods inventory balance was $24,200. Calculate the cost of goods manufactured during 2015.

Question

Quizplus · Accepted Answer

Using the formula:
Cost of Goods Manufactured = Beginning Finished Goods Inventory + Cost of Goods Sold - Ending Finished Goods Inventory
Substituting the given values:
Cost of Goods Manufactured = $31,600 + $233,000 - $24,200
Cost of Goods Manufactured = $225,600

The Cost of Goods Sold for Frye Manufacturing in 2015