Thompson Company's January 1, 2023 finished goods inventory was $65,000. The January 1, 2024 finished goods inventory is $49,000. The cost of goods manufactured for the FY 2023 was $372,000. Use this information to determine the dollar amount of the FY 2023 cost of goods sold.
Thompson Company's January 1, 2023 finished goods inventory was $65,000. The January 1, 2024 finished goods inventory is $49,000. The cost of goods manufactured for the FY 2023 was $372,000. Use this information to determine the dollar amount of the FY 2023 cost of goods sold.
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 3CE: Pietro expects to produce 50,000 units and sell 49,300 units. Beginning inventory of finished goods...
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Use information. General accounting
Transcribed Image Text:Thompson Company's January 1, 2023 finished goods
inventory was $65,000. The January 1, 2024 finished goods
inventory is $49,000. The cost of goods manufactured for the
FY 2023 was $372,000.
Use this information to determine the dollar amount of the
FY 2023 cost of goods sold.
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