Concord Corporation's accounting records reflect the following inventories: Dec. 31, 2019 Dec....
Question:
Concord Corporation's accounting records reflect the following inventories:
| Dec. 31, 2019 | Dec. 31, 2020 | |
| Raw materials inventory | $80,000 | $64,000 |
| Work in process inventory | 104,000 | 116,000 |
| Finished goods inventory | 100,000 | 92,000 |
During 2020, Concord purchased $1,490,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. Assume Concord's cost of goods manufactured for 2020 amounted to $1,904,000.
How much would it report as cost of goods sold for the year?
a. $1,896,000
b. $1,812,000
c. $2,004,000
d. $1,912,000
Manufacturing Cost:
The total manufacturing cost differs from the cost of goods manufactured as it excludes the adjustment for the beginning and ending work-in-process inventory. The cost of goods manufactured helps determine the cost of goods sold.
Answer and Explanation: 1
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Correct Answer: Option d. $1,912,000.
The cost of goods sold for Concord Corporation can be determined using the following formula:
- Cost of goods...
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Cost of Goods Sold on an Income Statement: Definition & Formula
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