Concord Corporation\'s accounting records reflect the following inventories: Raw

Question

Concord Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31,2016 80000 104000 100000 Dec. 31, 2017 $64000 116000 92000 During 2017, Concord purchased $1490000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000. Assume Concord's cost of goods manufactured for 2017 amounted to $1904000. How much would it report as cost of goods sold for the year? [ $1896000 $2004000 $1912000 $1812000

Explanation / Answer

Answer is $1912000

Particulars Amt Opening Finished Goods Inventory        100,000.00 Add: Cost of Goods Manufactured    1,904,000.00 Goods Avaialble for Sale    2,004,000.00 Less: Closing Finished Goods Inventory          92,000.00 Cost of Goods Sold    1,912,000.00

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