During June, the cost of goods manufactured was £71,000. The beginning finished goods inventory was £18,000 and the ending finished goods inventory was £11,000. What was the cost of goods sold for the month
A)£64,000
B)£100,000
C)£71,000
D)£78,000

Question

Quizplus · Accepted Answer

Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory
Cost of goods sold = £18,000 + £71,000 - £11,000
Cost of goods sold = £78,000

During June, the Cost of Goods Manufactured Was £71,000