The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the...
The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year 2008 are as follows: January 1 finished goods, $765,000; December 31 finished goods, $540,000; cost of goods sold for the year, $2,560,000. The budgeted costs of goods manufactured for the year is?
Homework Answers
Cost of Goods Sold = Cost of Goods Manufactured + Opening Stock of Finished Goods - Closing Stock of Finished Goods
2560000 = Cost of Goods Manufactured + 765000 - 540000
Cost of Goods Manufactured = 2560000 - 765000 + 540000 = $2335000
Answer is $2335000.
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