A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold for this company is:
A) $47,100.
B) $27,600.
C) $21,200.
D) $29,300.
E) $32,500.

Question

Quizplus · Accepted Answer

Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory 
Cost of goods sold = $14,600 + $32,500 - $17,800 
Cost of goods sold = $29,300

A Manufacturing Company Has a Beginning Finished Goods Inventory of $14,600