Ask Question
23 March, 00:04

The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year are as follows: January 1 finished goods, $765,000; December 31 finished goods, $540,000; and cost of goods sold for the year, $2,560,000. The budgeted costs of goods manufactured for the year is Group of answer choices $3,100,000 $2,335,000 $1,255,000 $2,785,000

+1
Answers (1)
  1. 23 March, 03:09
    0
    Option B, $2,335,000 is correct answer.

    Explanation:

    The value of finished goods on 1st January = $765000

    The value of finished goods on 31 December = $540000

    The value of the cost of goods sold for the year = $2560000

    Now we have to calculate the cost of goods that are manufactured. Below is the calculation for cost of goods manufactured.

    Costs of goods manufactured = $540,000 + $2,560,000 - $765,000 = $2,335,000

    So, option b, $2,335,000 is correct.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year are as follows: January 1 finished ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers