The cost of sales for Frye Manufacturing in 2017 was $213,000.The 1 January 2017 finished goods inventory balance was $30,800 and the 31 December 2017 finished goods inventory balance was $24,500.Calculate the cost of goods manufactured during 2017.

Question

Quizplus · Accepted Answer

Cost of goods manufactured = Beginning Finished goods inventory + Total manufacturing costs - Ending finished goods inventory
Total manufacturing costs = Cost of sales + Ending finished goods inventory - Beginning finished goods inventory
Total manufacturing costs = $213,000 + $24,500 - $30,800 = $206,700.

The Cost of Sales for Frye Manufacturing in 2017 Was