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13 October, 19:52

Romeo Corporation reports the following for the year:

Finished goods inventory, January 1 $ 3,200

Finished goods inventory, December 31 4,000

Total cost of goods sold 14,200

The cost of goods manufactured for the year is:

A. $21,400

B. $11,000

C. $15,000

D. $17,400

E. $10,200

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Answers (1)
  1. 13 October, 20:02
    0
    C. $15,000

    Explanation:

    Given that

    Finished goods inventory, January 1 $ 3,200

    Finished goods inventory, December 31 4,000

    Total cost of goods sold 14,200

    So the cost of goods manufactured is

    As we know that

    Cost of goods sold = Opening balance of finished goods + Cost of goods manufactured - ending balance of finished goods

    $14,200 = $3,200 + Cost of goods manufactured - $4,000

    So, the cost of goods manufactured is $15,000
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