Question

During July, the cost of goods manufactured at Xxis Corporation was $70,000. The beginning finished goods inventory was $19,000 and the ending finished goods inventory was $15,000. What was the cost of goods sold for the month

Answer 1

Answer:

The cost of goods sold =  $74,000

Explanation:

Cost of goods sold is computed as

Opening stock + production- closing inventory

The figure is always subtracted from the sales revenue to determine the gross profit

The cost of goods of XXis Corporation

Cost of goods sold = 19,000 +  70,000 - 15,000

 = $74,000

The cost of goods sold =  $74,000