Bonita Industries reported the following year-end information: beginning work in process inventory, S72000, cost of goods manufactured, S670000; beginning finished goods inventory, $42000; ending work in process inventory, S62000: and ending finished goods inventory, 532000. How much is Bonita's cost of goods sold for the year? A S660000 B. S680000 C. S690000 D. $670000

Bonita Industries reported the following year-end information: beginning work in process inventory, S72000, cost of goods manufactured, S670000; beginning finished goods inventory, $42000; ending work in process inventory, S62000: and ending finished goods inventory, 532000. How much is Bonita's cost of goods sold for the year? A S660000 B. S680000 C. S690000 D. $670000

Name: Bonita Industries reported the following year-end information: beginn
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Description: Bonita Industries reported the following year-end information: beginning work in process inventory,S72000; cost of goods manufactured, S670000; beginning finished goods inventory, $42000; ending workin process inventory, S62000; and ending finished

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Bonita Industries reported the following year-end information: beginning work in process inventory,
S72000; cost of goods manufactured, S670000; beginning finished goods inventory, $42000; ending work
in process inventory, S62000; and ending finished goods inventory, $32000. How much is Bonita's cost of
goods sold for the year?
A. S660000
B. $680000
C. $690000
D. $670000

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