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Using the information below, calculate the cost of goods manufactured for the period: Beginning Raw Materials...

Using the information below, calculate the cost of goods manufactured for the period: Beginning Raw Materials Inventory $ 45,000 Ending Raw Materials Inventory 36,600 Beginning Work in Process Inventory 75,000 Ending Work in Process Inventory 84,000 Beginning Finished Goods Inventory 110,000 Ending Finished Goods Inventory 87,000 Cost of Goods Sold for the period 560,000 Sales revenues for the period 1,274,000 Operating expenses for the period 252,000 Multiple Choice $583,000. $546,000. $569,000. $537,000. $585,200.

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Answer #1

Cost of Goods Sold

= Beginning finished goods inventory + Cost of Goods manufactured - Ending finished goods inventory

560,000 = 110,000 + COGM - 87,000

560,000 = COGM + 23,000

COGM = 560,000 - 23,000

= 537,000

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