Chapter 8, Problem 23PE

Oakwood Apparel Co. reported a Cost of Goods Sold (COGS) of $3,000,000 this year. The inventory account increased by $175,000 during the year to an ending balance of $500,000. What was the cost of merchandise purchased during the year? a) $2,675,000 b) $2,850,000 c) $3,175,000 d) $3,200,000

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Right Answer

Oakridge Manufacturing had the following balances on December 30, 2024: Finished Goods Inventory: $480,000 Cost of Goods Manufactured for December: $1,400,000 Total Manufacturing Costs for December: $1,550,000 Cost of Goods Sold in December: $1,500,000 Calculate the beginning balance of Finished Goods Inventory on December 1, 2024.

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