Homework Answers
Sales revenue = $1,320,000
Operating expenses = $255,000
Finished goods inventory, January 1 = $52,000
Finished goods inventory, December 31 = $57,000
Cost of goods manufactured = $556,000
Cost of goods sold = Cost of goods manufactured + Finished goods inventory, January 1- Finished goods inventory, December 31
= 556,000+52,000-57,000
= $551,000
Cost of goods sold for the period = $551,000
Fourth option is correct.
Sales revenue and Operating expenses are the part of income statement.
Kindly comment if you need further assistance.
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