Ringgold Company had beginning finished goods of $36,000.During the period,the company produced goods that cost $150,000.If the ending balance in the Finished Goods Inventory account was $24,000,the amount of cost of goods sold was:

Question

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The cost of goods sold is calculated as: Beginning Finished Goods Inventory ($36,000) + Cost of Goods Manufactured ($150,000) - Ending Finished Goods Inventory ($24,000) = $162,000.

Ringgold Company Had Beginning Finished Goods of $36,000