Sales revenue$ 4,000purchases of direct materials$ 400direct labor$ 450manufacturing overhead$ 620operating expenses$ 650beginning raw materials inventory$ 200ending raw materials inventory$ 180beginning work in process inventory$ 320ending work in process inventory$ 410beginning finished goods inventory$ 250ending finished goods inventory$ 200what was cost of goods sold? a) $1,450b) $1,350c) $1,470d) $ 790

A) $1,450

Explanation:

beginning finished goods + COGM = ending finished goods + COGS

to know COGS we need cost of goods manufactured

COGM = beginning WIP + cost added - ending WIP

to knwo COGM we need to know cost added

cost added = labor + materials + overehead

to know that we need to know materials used:

used into production= beginning raw+purchase - ending raw

used = 200 + 400 - 180 = 420

and now we go backwards in the loop to fill the blank and solve for COGS

cost added = 450 + 420 + 620 = 1490

COGM = 320 + 1490 - 410 = 1400

and we now return to the formula to find COGS

250 + 1400 = 200 + COGS

1650 - 200 = COGS = 1,450

answer; ///the correct answer is (ftc) federal trade commission;

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