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 $124,400. The cost of goods sold for the year for Boston Co. was
A) $803,450.
B) $1,060,350.
C) $659,300.
D) $931,900.

Question

Quizplus · Accepted Answer

Cost of goods sold = Beginning finished goods inventory + Cost of goods completed during the year - Ending finished goods inventory
Cost of goods sold = $401,050 + $783,700 - $124,400
Cost of goods sold = $1,060,350

The Beginning Finished Goods Inventory for Boston Co