The gross profit of Larry Company for 2014 is $300,000, cost of goods manufactured is $400,000, the beginning inventories of goods in process and finished goods are $28,000 and $35,000, respectively, and the ending inventories of goods in process and finished goods are $50,000 and $70,000, respectively. The cost of goods sold of Larry Company for 2014 must have been

Question

Quizplus · Accepted Answer

Cost of goods sold can be calculated as follows: 
Beginning inventory of finished goods + Cost of goods manufactured - Ending inventory of finished goods 
= $35,000 + $400,000 - $70,000 
= $365,000

Therefore, the correct answer is D) $365,000.

The Gross Profit of Larry Company for 2014 Is $300,000