Answered

Welcome to Westonci.ca, the ultimate question and answer platform. Get expert answers to your questions quickly and accurately. Our platform offers a seamless experience for finding reliable answers from a network of experienced professionals. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

Sheridan Company has $21000 of ending finished goods inventory as of December 31, 2019. If beginning finished goods inventory was $15000 and cost of goods sold was $50000, how much would Sheridan report for cost of goods manufactured

Sagot :

Answer:

$56,000

Explanation:

The computation of the cost of goods manufactured is shown below:

As we know that

Cost of goods sold = Opening finished goods inventory + cost of goods manufactured - ending finished goods inventory

$50,000 = $15,000 + cost of goods manufactured - $21,000

So, the cost of goods manufactured is

= $50000 + $6,000

= $56,000

Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.