The cost of goods sold for Frye Manufacturing in the year was $297,000.The January 1 Finished Goods Inventory balance was $31,600,and the December 31 Finished Goods Inventory balance was $25,600.Calculate the cost of goods manufactured during the year.

Question

Quizplus · Accepted Answer

Cost of goods manufactured = Cost of goods sold + Ending finished goods inventory - Beginning finished goods inventory = $297,000 + $25,600 - $31,600 = $291,000

The Cost of Goods Sold for Frye Manufacturing in the Year