The beginning finished goods inventory for Boston Co.was $401,050.Goods completed during the year were costed at $783,700.The ending finished goods inventory was dangerously low,having been reduced to $127,700.The cost of goods sold for the year for Boston Co.was

Question

Quizplus · Accepted Answer

The cost of goods sold is calculated as: Beginning Inventory + Cost of Goods Manufactured - Ending Inventory = $401,050 + $783,700 - $127,700 = $1,057,050.

The Beginning Finished Goods Inventory for Boston Co