Listed below is selected data for Zodiac Company for the current year: Total man
ID: 2426079 • Letter: L
Question
Listed below is selected data for Zodiac Company for the current year:
Total manufacturing costs incurred during the year
$132,000
Work-in-process, beginning inventory
28,000
Work-in-process, ending inventory
18,000
Finished goods, beginning inventory
28,000
Finished goods, ending inventory
18,000
What is cost of goods sold for the current year?
Listed below is selected data for Zodiac Company for the current year:
Total manufacturing costs incurred during the year
$132,000
Work-in-process, beginning inventory
28,000
Work-in-process, ending inventory
18,000
Finished goods, beginning inventory
28,000
Finished goods, ending inventory
18,000
What is cost of goods sold for the current year?
Explanation / Answer
Beginning Balance of WIP inventory $28,000
+ Total Manufacturing Cost $132,000
------------
$160,000
(–) Ending Balance of WIP Inventory (18,000)
--------------
Cost of Goods Manufactured $142,000
(+) Beginning Balance of FG Inventory $28,000
----------------
$170,000
(–) Ending Balance of FG Inventory ($18,000)
-------------
Cost of Goods sold $152,000
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