Calculate the cost of goods sold using the following information:

A)$680,500.
B)$701,900.
C)$687,100.
D)$674,600.
E)$772,600.

Question

Calculate the cost of goods sold using the following information:

A)$680,500. 
B)$701,900. 
C)$687,100. 
D)$674,600. 
E)$772,600.

Quizplus · Accepted Answer

Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory
Cost of Goods Sold = $232,100 + (Direct Materials + Direct Labor + Factory Overhead Costs + Beginning Goods in Process Inventory - Ending Goods in Process Inventory) + $232,100 - $238,700
Cost of Goods Sold = $298,500 + $132,000 +$264,000 + $118,500 - $125,900 + $232,100 - $238,700 = $680,500

Calculate the Cost of Goods Sold Using the Following Information