If the balance in the Finished Goods Inventory account increased by $30,000 during the period and the cost of goods manufactured was $220,000,what was the cost of goods sold?

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The cost of goods sold can be calculated by starting with the cost of goods manufactured, then adjusting for the change in finished goods inventory. If the finished goods inventory increased by $30,000, it means that not all of the goods manufactured were sold. Therefore, the cost of goods sold is the cost of goods manufactured ($220,000) minus the increase in finished goods inventory ($30,000), which equals $190,000.

If the Balance in the Finished Goods Inventory Account Increased