Multiple Choice Question 80 Cost of goods manufactured equal

Multiple Choice Question 80 Cost of goods manufactured equals $95000 for 2017. Finished goods inventory is $4000 at the beginning of the year and $6500 at the end of the year. Beginning and ending work in process for 2017 are S5000 and S6000, respectively. How much is cost of goods sold for the year? $96500 $92500 $91000 $97500

Solution

ANSWER : $92,500

Statement showing cost of goods sold for the year:

	$
Finished goods inventory at the beginning of the year	4,000
Add: Goods manufactured during the year	95,000
less: Finished goods inventory at the end of the year	6,500
Cost of goods dold for the year	$92,500