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Homework answers / question archive / Bravo Company's January 1, 2016 finished goods inventory was $100,000

Bravo Company's January 1, 2016 finished goods inventory was $100,000

Accounting

Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January 1, 2017 finished goods inventory is $80,000.  Cost of goods manufactured for the FY 2016 was $250,000. Use this information to determine the dollar amount of the FY 2016 cost of goods sold. (Round dollar values & enter as whole dollars only.)

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Computation of the cost of goods sold:-

Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory

= $100,000 + $250,000 - $80,000

= $270,000

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