Wears Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year.
The Cost of Goods Manufactured for the year was $537,000.Required:What was the Cost of Goods Sold for the year?
What will be an ideal response?
| ? | ||
| ? | Finished goods inventory, 1/1 | 48,000 |
| ? | Add: Debits (Cost of goods manufactured) | 537,000 |
| ? | Goods available for sale | 585,000 |
| ? | Deduct: Finished goods inventory, 12/31 | 69,000 |
| ? | Cost of goods sold | 516,000 |
Alternatively,
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