Asked by Eugene Dioso on Jul 04, 2024
Verified
Crane,Inc.reported the following data regarding costs and inventories for the current year: beginning work in process inventory,$4,000; beginning finished goods inventory,$2,000; cost of goods manufactured,$11,500; operating expenses,$3,000; ending finished goods inventory,$1,000; ending work in process inventory,$1,500.Cost of goods sold for Crane,Inc.equals ________.
Work in Process Inventory
Goods partially completed during the manufacturing process, consisting of labor, raw materials, and overhead costs incurred to date.
Finished Goods Inventory
The collection of products that have been completed and are available for sale, yet remain unpurchased.
Operating Expenses
Costs that are necessary for the day-to-day functioning of a business, excluding direct material and direct labor costs.
- Acquire the ability to compute the cost of goods sold (COGS) for a manufacturing entity.
Verified Answer
Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory; $2,000 + $11,500 -$1,000
Learning Objectives
- Acquire the ability to compute the cost of goods sold (COGS) for a manufacturing entity.
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