During July, the cost of goods manufactured at Xxis Corporation was $70,000. The beginning finished goods inventory was $19,000 and the ending finished goods inventory was $15,000. What was the cost of goods sold for the month

Question

Business

Brandt

12 June, 23:38

During July, the cost of goods manufactured at Xxis Corporation was $70,000. The beginning finished goods inventory was $19,000 and the ending finished goods inventory was $15,000. What was the cost of goods sold for the month

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Answers (1)

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Yaka · Answer 1

The cost of goods sold = $74,000

Explanation:

Cost of goods sold is computed as

Opening stock + production - closing inventory

The figure is always subtracted from the sales revenue to determine the gross profit

The cost of goods of XXis Corporation

Cost of goods sold = 19,000 + 70,000 - 15,000

= $74,000

The cost of goods sold = $74,000