The following data were available from Mith Co.'s records on December 31, Year 1: | Finished...
Question:
The following data were available from Mith Co.'s records on December 31, Year 1:
| Finished goods inventory, 1/1/Year 1 | $120,000 |
| Finished goods inventory, 12/31/Year 1 | 110,000 |
| Cost of goods manufactured | 520,000 |
| Loss on sale of plant equipment | 50,000 |
The cost of goods sold for Year 1 was:
a. $520,000.
b. $530,000.
c. $580,000.
d. $510,000.
Cost of goods sold:
The cost of goods sold is the sum of all expenses incurred to bring the goods to the point of sale. We deduct the cost of goods sold from the revenue to obtain the gross profit.
Answer and Explanation: 1
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View this answerThe correct option is (b.) $530,000
We know that -
{eq}\text{Cost of goods sold} = \text{Beginning Inventory} + \text{Cost of goods manufactured} -...
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Cost of Goods Sold Journal Entries
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Chapter 5 / Lesson 7
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Learn about the cost goods sold (COGS) in accounting. Understand how t-accounts work, and how job flow cost accounting can be used to track cost of goods sold.
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