Cost of goods manufactured equals $75000 for 2019. Finished goods inventory is $2000 at the beginning...

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Cost of goods manufactured equals $75000 for 2019. Finished goods inventory is $2000 at the beginning of the year and $5500 a

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Answer 1

Answer #1

COGS = Cost of goods manufactured during the year + opening inventory of finished goods - Closing Inventory of finished goods

COGS = $75000 + $2000 - $5500

COGS = $71500

Option 2 is correct.

We have to adjust WIP in total manufacturing cost to arrive cost of goods manufactured. Here cost of goods manufactured already given for the year, hence we didn't have to adjust beginning & closing level of WIP.

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Answer 2

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Cost of goods manufactured equals $85000 for 2017. Finished goods inventory is $2000 at the beginning...

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