Ask Question
24 December, 00:02

Franklin Manufacturing provided the following information for the month ended March 31: Sales Revenue $ 15 comma 000 Beginning Finished Goods Inventory 14 comma 000 Ending Finished Goods Inventory 14 comma 500 Cost of Goods Manufactured 17 comma 600 Compute cost of goods sold. A. $ 32 comma 100 B. $ 17 comma 100 C. $ 17 comma 600 D. $ 18 comma 100

+4
Answers (1)
  1. 24 December, 00:28
    0
    B. $ 17 comma 100

    Explanation:

    The movements in inventory account is usually as a result of purchases, sales, returns etc. These are the factors that bring about a difference between the opening and closing balances in the inventory account.

    Given that

    Beginning Finished Goods Inventory = $14000

    Ending Finished Goods Inventory = $14500

    Cost of Goods Manufactured = $17600

    Sales revenue = $15000

    Let the cost of goods sold be B

    $14000 + $17600 - B = $14500

    B = $14000 + $17600 - $14500

    B = $17100

    The cost of goods sold is $17100
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Franklin Manufacturing provided the following information for the month ended March 31: Sales Revenue $ 15 comma 000 Beginning Finished ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers