Inventory calculation On January 1, the finished goods inventory of the Manuel Company was $300,000during the...
Inventory calculation On January 1, the finished goods inventory
of the Manuel Company was
$300,000during the year Manuel’s cost of goods manufactured was
$1,900,000sales were $2,000,000
with a 20% gross profit
Required: The cost assigned to the December 31 finished goods
inventory
Homework Answers
The cost assigned to the December 31 finished goods inventory is $600000.
Explanation:
Cost of Goods Sold = Beginning Inventory + Cost of Goods sold - Ending Inventory
Cost of Goods sold = Sales - Gross Profit = $2000000 - ($2000000*20%) = $2000000 - $400000 = $1600000
Cost of Goods Sold = Beginning Inventory + Cost of Goods Manufactured - Ending Inventory
$1600000 = $300000 + $1900000 - Ending Inventory
Ending Inventory = $2200000 - $1600000 = $600000
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Inventory calculation On January 1, the finished goods inventory
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