Chen Corp.had finished goods inventory of $60,000 and $70,000 at May 1 and May 31,respectively,and cost of goods manufactured of $175,000.Cost of goods sold in May was:

Name: Chen Corp.had finished goods inventory of $60,000 and $70,000 at May 1 and May 31,respectively,and cost of goods manufactured of $175,000.Cost of goods sold in May was:
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Question

Quizplus · Accepted Answer

Cost of goods sold = Cost of goods manufactured + Beginning finished goods inventory - Ending finished goods inventory
= $175,000 + $60,000 - $70,000
= $165,000

Chen CorpHad Finished Goods Inventory of $60,000 and $70,000 at May