Smith Corporation's accounting records show the following inventories: Dec. 31, 2022Dec. 31, 2021Raw materials inventory$180,000 $150,000Work in process inventory$120,000 $100,000 Finished goods inventory$200,000$160,000 If Smith Corporation's cost of goods manufactured for 2022 amounted to $1,200,000, calculate its cost of goods sold for the year. A) $1,160,000 B) $1,200,000 C) $1,240,000 D) $1,280,000
Smith Corporation's accounting records show the following inventories: Dec. 31, 2022Dec. 31, 2021Raw materials inventory$180,000 $150,000Work in process inventory$120,000 $100,000 Finished goods inventory$200,000$160,000 If Smith Corporation's cost of goods manufactured for 2022 amounted to $1,200,000, calculate its cost of goods sold for the year. A) $1,160,000 B) $1,200,000 C) $1,240,000 D) $1,280,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the Correct option ? General accounting question
Transcribed Image Text:Smith Corporation's accounting records show the following inventories:
Dec. 31, 2022Dec. 31, 2021Raw materials inventory$180,000 $150,000Work in
process inventory$120,000 $100,000 Finished goods inventory$200,000$160,000
If Smith Corporation's cost of goods manufactured for 2022 amounted to
$1,200,000, calculate its cost of goods sold for the year.
A) $1,160,000
B) $1,200,000
C) $1,240,000
D) $1,280,000
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