Oakridge Industrial Systems had a beginning finished goods inventory of $62,000 on January 1, 2023. The ending finished goods inventory on January 1, 2024, was $76,000. The cost of goods manufactured for the fiscal year 2023 was $480,000. Using the given information, calculate the cost of goods sold for Oakridge Industrial Systems for the fiscal year 2023.
Oakridge Industrial Systems had a beginning finished goods inventory of $62,000 on January 1, 2023. The ending finished goods inventory on January 1, 2024, was $76,000. The cost of goods manufactured for the fiscal year 2023 was $480,000. Using the given information, calculate the cost of goods sold for Oakridge Industrial Systems for the fiscal year 2023.
Chapter10: Inventory
Section: Chapter Questions
Problem 3PA: Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar...
Related questions
Question
100%
I need assistance with this general accounting question using appropriate principles.
Transcribed Image Text:Oakridge Industrial Systems had a beginning finished goods
inventory of $62,000 on January 1, 2023. The ending finished
goods inventory on January 1, 2024, was $76,000. The cost of
goods manufactured for the fiscal year 2023 was $480,000.
Using the given information, calculate the cost of goods sold for
Oakridge Industrial Systems for the fiscal year 2023.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College