Ask Question
29 June, 05:11

Using the information below, calculate cost of goods sold for the period: Sales revenues for the period $ 1,314,000 Operating expenses for the period 249,000 Finished Goods Inventory, January 1 46,000 Finished Goods Inventory, December 31 51,000 Cost of goods manufactured for the period 550,000A-$774,000.

B-$769,000.

C-$530,000.

D-$535,000.

E-$448,000.

+2
Answers (1)
  1. 29 June, 07:36
    0
    Answer;

    Sales revenue $1,314,000

    Less cost of goods sold:

    Finished inventory Opening balance $46,000

    Add Cost of Goods manufactured in the year $550,000

    Total inventory available for sale $596,000

    Less closing inventory balance $51,000

    Cost of goods sold $ 545,000

    Gross profit $769,000

    Answer: $545,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Using the information below, calculate cost of goods sold for the period: Sales revenues for the period $ 1,314,000 Operating expenses for ...” 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