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?

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?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 2RE: Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of...

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Question

General accounting

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?

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