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Cost of goods manufactured equals $44,000 for 2011. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Total manufacturing overhead is $4,500. Beginning and ending work in process for 2011 are $4,000 and $5,000 respectively. How much is the cost of goods sold for the year? A. $47,500 B. $40,500 C. $45,000 D. More information is needed.

Cost of goods manufactured equals $44,000 for 2011. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Total manufacturing overhead is $4,500. Beginning and ending work in process for 2011 are $4,000 and $5,000 respectively. How much is the cost of goods sold for the year? A. $47,500 B. $40,500 C. $45,000 D. More information is needed.

FINANCIAL ACCOUNTING
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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How much is the cost of goods sold for the year?

Cost of goods manufactured equals $44,000 for 2011. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Total manufacturing overhead is $4,500. Beginning and ending work in process for 2011 are $4,000 and $5,000 respectively. How much is the cost of goods sold for the year? A. $47,500 B. $40,500 C. $45,000 D. More information is needed.
Transcribed Image Text:Cost of goods manufactured equals $44,000 for 2011. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Total manufacturing overhead is $4,500. Beginning and ending work in process for 2011 are $4,000 and $5,000 respectively. How much is the cost of goods sold for the year? A. $47,500 B. $40,500 C. $45,000 D. More information is needed.
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