During the year, ABC Company's cost of goods manufactured is $780,000. Beginning of the year finished goods inventory is $230,000 and end of the year finished goods inventory is $288,000. What is the cost of goods sold?

During the year, ABC Company's cost of goods manufactured is $780,000. Beginning of the year finished goods inventory is $230,000 and end of the year finished goods inventory is $288,000. What is the cost of goods sold?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

100%

During the year, ABC Company's cost
of goods manufactured is $780,000.
Beginning of the year finished goods
inventory is $230,000 and end of the
year finished goods inventory is
$288,000.
What is the cost of goods sold?

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