Chapter 3, Problem 44P

What is the purchaser's net Cost of the merchandise?

Accurate answer

The Larsen Company's cost of goods manufactured was $145,000 when its sales were $395,000 and its gross margin was $250,000. If the ending inventory of finished goods was $40,000, the beginning inventory of finished goods must have been __.

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During July, the production department of PrimeTech Manufacturing completed a number of units of a product and transferred them to finished goods. Of these transferred units, 45,000 were in process in the production department at the beginning of July, and 185,000 were started and completed in July. July's beginning inventory units were 35% complete with respect to materials and 55% complete with respect to labor. Compute the number of units transferred to finished goods.

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