5)Cost of goods manufactured equals $95000 for 2017. Finished goods inventory is $1000 at the beginning of the year and $2500 at the end of the year. Beginning and ending work in process for 2017 are $2000 and $3000, respectively. How much is cost of goods sold for the year? a) S94000 b) $93500 C) $96500 d) $95500

5)Cost of goods manufactured equals $95000 for 2017. Finished goods inventory is $1000 at the beginning of the year and $2500 at the end of the year. Beginning and ending work in process for 2017 are $2000 and $3000, respectively. How much is cost of goods sold for the year? a) S94000 b) $93500 C) $96500 d) $95500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

5)Cost of goods manufactured equals $95000 for 2017. Finished goods inventory is $1000 at the beginning
of the year and $2500 at the end of the year. Beginning and ending work in process for 2017 are $2000
and $3000, respectively. How much is cost of goods sold for the year?
a) $94000
b) $93500
C) $96500
d) $95500

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2)Sheridan Company has $21000 of ending finished goods inventory as of December 31, 2013. If beginning finished goods inventory was $15000 and cost of goods sold was $50000, how much would Sheridan report for cost of goods manufactured? a) S56000 b) $44000 C) S71000 d) $15000