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

Question

Concord Corporation's accounting records reflect the following inventories:

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?

Dec. 31, 2016 Dec. 31, 2017 Raw materials inventory $ 80000 $ 64000 Work in process inventory 104000 116000 Finished goods inventory 100000 92000

Explanation / Answer

C. $1,912,000

Cost of goods sold = $100,000 + $1,904,000 - $92,000

Cost of goods sold = $1,912,000

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