Question

TB MC Qu. 01-134 Mustang Corporation reports... Mustang Corporation reports the following for the month of April: Finished goods inventory, April 1$30,200 Finished goods inventory, April 30 24,600 Total cost of goods manufactured 114,500 The cost of goods sold for April is: Multiple Choice $169,300. $108,900. $59,700. $120,100.

Answer 1

Answer:

COGS= $120,100

Explanation:

Giving the following information:

Finished goods inventory, April 1$30,200

Finished goods inventory, April 30 24,600

Total cost of goods manufactured 114,500

To calculate the COGS, we need to use the following formula:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 30,200 + 114,500 - 24,600

COGS= $120,100