**S16-10 Computing Cost of Goods Sold, Manufacturing Company**### Learning Objective 3Use the following information to calculate the cost of goods sold for The Ellis Company for the month of June:| Finished Goods Inventory: | ||-----------------------------------|----------------|| Beginning Balance | $30,000 || Ending Balance | $10,000 || Cost of Goods Manufactured | $165,000 |Given the data above, the Cost of Goods Sold (COGS) for The Ellis Company can be computed using the following formula:\[ \text{COGS} = \text{Beginning Inventory} + \text{Cost of Goods Manufactured} - \text{Ending Inventory} \]By substituting the given values:\[ \text{COGS} = \$30,000 + \$165,000 - \$10,000 = \$185,000 \]Therefore, the Cost of Goods Sold for The Ellis Company for the month of June is $185,000.

The cost of goods sold refers to the direct costs incurred by the entity to produce the goods. The…

S16-10 Computing cost of goods sold, manufacturing company Learning Objective 3 Use the following information to calculate the cost of goods sold for The Ellis Company for the month of June: Finished Goods Inventory: Beginning Balance Ending Balance Cost of Goods Manufactured $30,000 10,000 165,000

S16-10 Computing cost of goods sold, manufacturing company Learning Objective 3 Use the following information to calculate the cost of goods sold for The Ellis Company for the month of June: Finished Goods Inventory: Beginning Balance Ending Balance Cost of Goods Manufactured $30,000 10,000 165,000

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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