Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The...

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Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting info

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Answer 1

Answer #1

Solution:

Cost of Goods sold = Cost of goods manufactured + Opening stock of Finished goods – Closing stock of Finished goods

Closing Stock of Finished goods = Cost of goods manufactured + Opening stock of Finished goods – Cost of Goods sold

Closing Stock of Finished goods = $102,250 + $33,125 – $83,750

Closing Stock of Finished goods = $51,625

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Answer 2

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