At the beginning of the current accounting period Blazer Company had a $40,000 balance in its Finished Goods Inventory account. During the period cost of goods manufactured amounted to $280,000. The ending balance in the Finished Goods Inventory account was $42,000. Based on this Information the amount of cost of goods sold is

a. $278000
b. $280000
c. $282000,
d. The answer cannot be determined from the information pro

The correct answer is A.

Explanation:

Giving the following information:

Beginning finished goods inventory= $40,000

During the period cost of goods manufactured amounted to $280,000. The ending balance in the Finished Goods Inventory account was $42,000.

To calculate the cost of goods sold, we need to use the following formula:

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

COGS= 40,000 + 280,000 - 42,000

COGS= 278,000

answer; /// the above statement is (true); good luck

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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