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During the period, Halverson’s cost of goods manufactured was $540,000. In addition, its beginning and ending...

During the period, Halverson’s cost of goods manufactured was $540,000. In addition, its beginning and ending inventories for work in process and finished goods were:

Beginning Ending
Work in Process    $125,000 $150,000
Finished Goods $200,000 $180,000

Halverson’s Schedule of Cost of Goods Sold will report what amount of unadjusted Cost of Goods Sold?

a.

$515,000
b.

$560,000
c.

$465,000
d.

$510,000
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Answer #1
Cost of goods sold = Beginning finished goods + cost of goods manufactured - ending finished goods
=$200000+540000-180000
=$560000
Correct Option : b.$560000
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