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What is the total Cost of Goods Sold for December 31, 2016 if a manufacturer has the following account balances at December 31, 2016: Beginning Work-in Progress of $2,000; Beginning Finished Goods of $5,000; Cost of Goods Manufactured of $25,000; Ending Finished Goods of $10,000; Ending Work-in Progress of $8,000

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Answer:

COGS=  $20,000

Explanation:

Giving the following information:

Beginning Finished Goods of $5,000

Cost of Goods Manufactured of $25,000

Ending Finished Goods of $10,000

To calculate the cost of goods sold, we need to use the following formula:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 5,000 + 25,000 - 10,000

COGS=  $20,000

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