Compute cost of goods sold using the following information: Finished goods inventory, beginning Cost of goods...

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Compute cost of goods sold using the following information: Finished goods inventory, beginning Cost of goods manufactured Fi

business accounting

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Answer 1

Answer #1

Given in the question that,

Beginning Finished goods Inventory = $500

Cost of goods manufactured = $4,720

Ending Finished goods Inventory = $1,450

Now we know that,

Cost of Goods Sold = Cost of Beginning Inventory of Finished Goods + Cost of Goods Manufactured - Cost of Ending Inventory of Finished Goods

Substituting the values in the above equation, we geto

Cost of Goods Sold = $500 + $4,720 - $1,450

= $3,770

Hence, we have the Cost of Goods Sold = $3,770

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Answer 2

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