A manufacturing company's finished goods inventory on January 1 was $68,000; cost of goods manufactured for the year was $147,000; and the December 31 finished goods inventory was $77,000. What is the cost of goods sold for the year?
What will be an ideal response?
| Beginning finished goods inventory | $ 68,000 |
| Plus cost of goods manufactured | 147,000 |
| Less ending finished goods inventory | -77,000 |
| Cost of goods sold | $138,000 |
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