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Dorsett Technologies had finished goods inventory on January 1, 20X8 of $31,500 and finished goods inventory on December 31, 20X8 of $26,300. If the cost of goods manufactured for the year was $407,000, what was the cost of goods sold for the year?

Respuesta :

Answer:

$412,200

Explanation:

Given that,

Cost of goods manufactured for the year = $407,000

Opening finished goods inventory = $31,500

Closing finished goods inventory = $26,300

Cost of Goods sold:

= Cost of Goods manufactured + Change in Finished goods balances

= $407,000 + (Opening finished goods inventory - Closing finished goods inventory)

= $407,000 + ($31,500 - $26,300)

= $407,000 + $5,200

= $412,200

Therefore, the cost of goods sold for the year is $412,200.

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