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23 December, 14:27

Swifty Corporation's accounting records reflect the following inventories: Dec. 31, 2017 Dec. 31, 2016 Raw materials inventory $310000 $260000 Work in process inventory 300000 160000 Finished goods inventory 190000 150000 During 2017, $860000 of raw materials were purchased, direct labor costs amounted to $851700, and manufacturing overhead incurred was $752000. If Swifty Corporation's cost of goods manufactured for 2017 amounted to $2273700, its cost of goods sold for the year is

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  1. 23 December, 16:54
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    The cost of goods sold for the year is $223,3700

    Explanation:

    The formula to compute the cost of good sold is shown below:

    = Beginning balance of finished good inventory + cost of goods manufactured - ending balance of finished good inventory

    = $150,000 + $2,273,700 - $190,000

    = $223,3700

    Beginning balance of finished good inventory + cost of goods manufactured is called goods that are available for sale
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