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Compute cost of goods sold for year

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Question: 1. Compute cost of goods sold for year 2011 using the following information.

Finished goods inventory, Dec. 31, 2010 . . . . . . . . . . . . $321,500

Goods in process inventory, Dec. 31, 2010 . . . . . . . . . 74,550

Goods in process inventory, Dec. 31, 2011 . . . . . . . . . 81,200

Cost of goods manufactured, year 2011 . . . . . . . . . . . 972,345

Finished goods inventory, Dec. 31, 2011 . . . . . . . . . . . . 297,200

2. How does cost of goods sold differ for merchandising versus manufacturing companies?

Reference no: EM131536122

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