Homework Answers
Cost of goods sold= begining inventory + cost of goods manufactured- ending inventory
Case 1
418,000= beginning inventory + 418,000+95,000
Beginning inventory= 418,000+95,000-418,000
= 95,000
Case 2
Cost of goods sold= 18,000+98,000-8,000
=108,000
Case 3
319,000= 11,000+ cost of goods manufactured during period-20,000
Cost of goods manufactured during period= 319,000-11,000+20,000
=328,000
| Case 1 | case 2 | case 3 | |
| Beginning inventory of finished goods | 95,000 | 18,000 | 11,000 |
| Cost of goods manufactured during period | 418,000 | 98,000 | 328,000 |
| Ending inventory of finished goods | 95,000 | 8,000 | 20,000 |
| Cost of goods sold | 418,000 | 108,000 | 319,000 |
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