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18 July, 02:02

The following information pertains to the Packer Corporation. Calculate the cost of goods sold for the period:

Beginning Raw Materials $30,000

Ending Raw Materials $70,000

Beginning Work in Process Inventory $40,000

Ending Work in Process Inventory $46,000

Beginning Finished Goods Inventory $72,000

Ending Finished Goods Inventory $68,000

Cost of Goods Manufactured for the period $246,000

a. $250,000.

b. $290,000.

c. $242,000.

d. $246,000.

e. $258,000.

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  1. 18 July, 03:19
    0
    COGS = $250,000

    Explanation:

    Giving the following information:

    Beginning Finished Goods Inventory $72,000

    Ending Finished Goods Inventory $68,000

    Cost of Goods Manufactured for the period $246,000

    To calculate the cost of goods sold, we need to use the following formula:

    COGS = beginning finished inventory + cost of goods manufactured - ending finished inventory

    COGS = 72,000 + 246,000 - 68,000

    COGS = $250,000
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