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Compute cost of goods sold for 2015 using the following information. $ Finished goods inventory, Dec. 31, 2014 Work in proces
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Answer #1

Computation of Cost of goods sold:

Finished goods inventory, December 31, 2014...............................

$   345,000

Plus cost of goods manufactured....................................................

     918,700

Cost of goods available for sale......................................................

1,263,700

Less finished goods inventory, December 31, 2105………………

     283,600

Cost of goods sold..........................................................................

$   980,100

Beg. Inv. COGM Finished Goods Inventory 345,000 918,700 Avail 1,263,700 980,100 COGS End. Inv. 283,600

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