Homework Answers
The correct option is C i.e $58,000.
Working:
Cost of goods sold = Beginning finished goods + Cost of goods manufactured - Ending finished goods
Cost of goods manufactured = Cost of goods sold + Ending finished goods - Beginning finished goods
Cost of goods manufactured = $52,000 + $23,000 - $17,000
Cost of goods manufactured = $58,000.
Thus, Vaughn should report cost of goods manufactured = $58,000.
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