Cost of goods sold–manufacturer
The following data were taken from the general ledger and other data of Terry Manufacturing on July 31:
Finished goods, July 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 85,000
Cost of goods manufactured in July . . . . . . . . . . . . . . . . . . . . . . . . . . . 343,000
Finished goods, July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,000
Compute the cost of goods sold for the month of July.
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