Swifty Corporation has $29000 of ending finished goods inventory as of December 31, 2017. If beginning...

Swifty Corporation has $29000 of ending finished goods inventory as of December 31, 2017. If beginning finished goods inventory was $24000 and cost of goods sold was $58000, how much would Swifty report for cost of goods manufactured?

Expert Solution

Calculation of cost of goods manufactured:

Cost of goods manufactured= cost of ending finished goods+ cost of goods sold- cost of beginning finished goods

Cost of goods manufactured= 29000+58000-24000= 63000

So cost of goods manufactured are $63000

ekkarill92 answered 2 years ago

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