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Accounting

Problem:

A company incurred total manufacturing costs of $500,000 during 2007. Work in process inventories at the beginning and end of 2007 were $100,000 and $50,000 respectively.

Required:

Question: If finished goods inventories at the beginning and end of 2007 were $30,000 and $80,000 respectively, what was the cost of goods sold for the period?

A) 450,000

B) 500,000

C) 520,000

D) 550,000

E) 580,000

Note: Be sure to show how you arrived at your answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91163751

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