Kushman Combines Inc. has $20000 of ending finished goods inventory as of December 31 2013. If beginning finished goods inventory was $10000 and cost of goods sold was $50000 how much would Kushman report for cost of goods manufactured?

A) $70000
B) $10000
C) $60000
D) $40000

Question

makenzie salva · Accepted Answer

Final Answer : C, Explanation :  The cost of goods manufactured can be calculated using the following formula:Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory = Cost of Goods SoldSubstituting the given values:$10000 + Cost of Goods Manufactured - $20000 = $50000Solving for Cost of Goods Manufactured:Cost of Goods Manufactured = $60000

Kushman Combines Inc. has $20000 of ending finished goods inventory as of December 31 2013. If beginning finished goods inventory was $10000 and cost of goods sold was $50000 how much would Kushman report for cost of goods manufactured?

A) $70000
B) $10000
C) $60000
D) $40000

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Learning Objectives

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Kushman Combines Inc. has $20000 of ending finished goods inventory as of December 31 2013. If beginning finished goods inventory was $10000 and cost of goods sold was $50000 how much would Kushman report for cost of goods manufactured?A) $70000B) $10000C) $60000D) $40000

Definitions

Learning Objectives

Learning Objectives

Related questions

Kushman Combines Inc. has $20000 of ending finished goods inventory as of December 31 2013. If beginning finished goods inventory was $10000 and cost of goods sold was $50000 how much would Kushman report for cost of goods manufactured?

A) $70000
B) $10000
C) $60000
D) $40000