During August, the cost of goods manufactured was $73,000. The beginning finished goods inventory was $15,000 and the ending finished goods inventory was $21,000. What was the cost of goods sold for the month?

Question

Quizplus · Accepted Answer

The cost of goods sold is calculated as: Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory = $15,000 + $73,000 - $21,000 = $67,000.

During August, the Cost of Goods Manufactured Was $73,000