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 ________.
What will be an ideal response?
$12,500
Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory; $2,000 + $11,500 -$1,000
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What will be an ideal response?
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