Compute cost of goods sold for 2015 using the following information. Finished goods inventory, Dec. 31, 2014 $ 345,000 Work in process inventory, Dec. 31, 2014 83,500 Work in process inventory, Dec. 31, 2015 72,300 Cost of goods manufactured, 2015 918,700 Finished goods inventory, Dec. 31, 2015 283,600

$991,300

Explanation:

Given that,

Finished goods inventory, Dec. 31, 2014 = $345,000

Work in process inventory, Dec. 31, 2014 = $83,500

Work in process inventory, Dec. 31, 2015 = $72,300

Cost of goods manufactured, 2015 = $918,700

Finished goods inventory, Dec. 31, 2015 = $283,600

We need to calculate cost of goods manufactured first.

Cost of goods manufactured:

= Cost of goods manufactured, 2015 + Beginning work in process inventory - Ending work in process inventory

= $918,700 + $83,500 - $72,300

= $929,900

Cost of goods sold for 2015:

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

= $345,000 + $929,900 - $283,600

= $991,300

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