A manufacturing company's finished goods inventory on January 1 was $68,000; cost of goods manufactured for the year was $147,000; and the December 31 finished goods inventory was $77,000. What is the cost of goods sold for the year

$138,000

Explanation:

Particulars                                                              Amount

Finished goods inventory, January 1                   $68,000

Add: Cost of goods manufactured                      $147,000

Total                                                                       $215,000

Less: Finished goods inventory, December 31   $77,000

Cost of goods sold                                                $138,000

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