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In: Accounting

A company started the year with $185,000 of goods finished and ready for sale. During the...

A company started the year with $185,000 of goods finished and ready for sale. During the year, a total of $700,000 of goods were started in production. Of the goods started, $550,000 were finished during the year.

If total cost of goods sold for the year equals $625,000, the company's ending finished goods inventory equals $

Solutions

Expert Solution

Answer: Ending finished goods = $110,000

Calculations:

Beginning finished goods $ 185,000
In process to finished goods $ 550,000
Available finished goods for sale $ 735,000
(Less): Total cost of goods sold ($ 625,000)
Ending finished goods $ 110,000

ekkarill92 answered 2 years ago
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