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At the beginning of the most recent month's operations, finished goods inventory was $30,000. The cost of goods manufactured was $326,000 and ending finished goods inventory was $42,000. What was the cost of goods sold for the month?

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abiolataiwo2015

Answer:

$314,000

Explanation:

Calculation to determine the cost of goods sold for the month

Finished goods inventory, beginning $30,000

Add: Cost of goods manufactured $326,000

Goods available for sales $356,000

($30,000+$326,000)

Less Finished goods inventory, Ending $42,000

Cost of goods sold $314,000

($356,000-$42,000)

Therefore the cost of goods sold for the month is $314,000

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