General accounting Thompson Manufacturing's January 1, 2024, finished goodsinventory was $120,000. January 1, 2025, finished goodsinventory is $95,000. The cost of goods manufactured for FY2024 was $560,000. What is the dollar amount of the FY 2024cost of goods sold?

Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the direct costs…

Answered: Thompson Manufacturing's January 1,…

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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Triton Manufacturing had a beginning finished goods inventory of $23,500 and an ending finished goods inventory of $21,000 during FY 2023. Beginning work-in-process was $19,500 and ending work-in-process was $18,000. Factory overhead was $28,600. The total manufacturing costs amounted to $298,000. Use this information to determine the FY 2023 Cost of Goods Sold. (Round enter as whole dollars only.) Provide answer
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Thompson Manufacturing's January 1, 2024, finished goods inventory was $120,000. January 1, 2025, finished goods inventory is $95,000. The cost of goods manufactured for FY 2024 was $560,000. What is the dollar amount of the FY 2024 cost of goods sold?