The beginning and ending finished goods inventories of the Prize Ring manufactur

Question

The beginning and ending finished goods inventories of the Prize Ring manufacturing company were $78,000 and $75,250 respectively. If cost of goods sold equaled $67,800, what is the amount of cost of goods manufactured for this period?

$2,750

$65,050

$70,550

$85,450

$221,050

The beginning and ending finished goods inventories of the Prize Ring manufacturing company were $78,000 and $75,250 respectively. If cost of goods sold equaled $67,800, what is the amount of cost of goods manufactured for this period?

Explanation / Answer

COST OF GOODS MANUFACTURED

= COST OF GOODS SOLD - BEGINNING INVENTORY + CLOSING INVENTORY

= $67800 - $78000 + 75250

= $65050

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