The beginning and ending finished goods inventories of the Prize Ring manufacturing company were $75,000 and $73,000 respectively.If cost of goods sold equaled $66,000,what is the amount of cost of goods manufactured for this period?
A) $2,000
B) $64,000
C) $68,000
D) $82,000
E) $214,000

Question

Quizplus · Accepted Answer

Beg FG + COGM - End FG = COGS
$75,000 + COGM - $73,000 = $66,000
$2,000 + COGM = $66,000
COGM = $64,000

The Beginning and Ending Finished Goods Inventories of the Prize