Homework SourseSheffield Corpreported the following yearend information beg
Sheffield Corp.reported the following year-end information: beginning work in process inventory, $270000; cost of goods manufactured, $866000; beginning finished goods inventory, $232000; ending work in process inventory, $210000; and ending finished goods inventory, $254000. Sheffield Corp.\'s cost of goods sold for the year is
| $888000. |
Solution
Answer = $844,000
Cost Sheet
In $
Cost of Goods Manufactured
866,000
Add: Opening Stock of Finished Goods
232,000
Cost of Goods available for sale
1,098,000
Less: Closing stock of finished goods
254,000
Cost of Goods Sold
844,000
| In $ | |
| Cost of Goods Manufactured | 866,000 |
| Add: Opening Stock of Finished Goods | 232,000 |
| Cost of Goods available for sale | 1,098,000 |
| Less: Closing stock of finished goods | 254,000 |
| Cost of Goods Sold | 844,000 |
