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Cost of goods manufactured equals $55,000 for 2010. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Beginning and ending work in process for 2010 are $4,000 and $5,000, respectively. How much is cost of goods sold for the year?

a. $57,500
b. $53,000
c. $51,500
d. $58,500

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9402601

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