Vera Ltd had beginning finished goods inventory of £35,000; its cost of goods manufactured was £95,000; its gross margin was £22,000, and its sales were £150,000. The ending finished goods inventory was: a. £15,000 b. £2,000 c. £25,000 d. £4,500

Vera Ltd had beginning finished goods inventory of £35,000; its cost of goods manufactured was £95,000; its gross margin was £22,000, and its sales were £150,000. The ending finished goods inventory was: a. £15,000 b. £2,000 c. £25,000 d. £4,500

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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Question

a. £15,000

b. £2,000

c. £25,000

d. £4,500

Expert Solution

Step 1

Cost of goods sold = Sales - Gross profit

Cost of goods sold = 150,000 - 22,000

Cost of goods sold = 128,000

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