Business: Using $3040000 as the cost of goods manufactured, compute the cost of goods sold using the following information Raw materials inventory, January 1 $ 20000 Raw materials inventory, December 31 40000 Work in process, January 1 18000 Work in process, December 31 12000 Finished goods, January 1 40000 Finished goods, December 31 32000 Raw materials purchases 1700000 Direct labor 760000 Factory utilities 150000 Indirect labor 50000 Factory depreciation 400000 Operating expenses 420000 a) $3046000. b)

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Using $3040000 as the cost of goods manufactured,

HeroicEddie

29.01.2022

b) $3,048,000

The cost of goods sold is $3,048,000

Explanation:

Particulars Amount

Finished goods inventory (Jan 1) 40,000

Add: Cost of goods manufactured 3,040,000

Cost of goods available for sale 3,080,000

Less: Finished goods inventory (Dec 31) 32,000

Cost of goods sold 3,048,000

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