Given is selected information from Nathaniel’s Service Shop's June Income Statement and Statement of Cost of...
Given is selected information from Nathaniel’s Service Shop's June Income Statement and Statement of Cost of Goods Manufactured:
|
Cost of goods sold |
$115,000 |
|
Cost of goods manufactured |
$105,000 |
|
Finished goods inventory, June 30 |
$ 20,000 |
Nathaniel's Service Shop's finished goods inventory, on June 1,
was:
| A. |
35,000 |
|
| B. |
20,000 |
|
| C. |
30,000 |
|
| D. |
40,000 |
Homework Answers
Cost of goods sold=Cost of goods manufactured+finished goods inventory,June 1-Finished goods inventory, June 30
115,000=105,000+finished goods inventory,June 1-20000
finished goods inventory,June 1=(115000+20000-105000)
=$30,000
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