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Swifty Corporation reported the following year-end information: beginning work in process inventory, $75000; cost of goods manufactured, $700000; beginning finished goods inventory, $45000; ending work in process inventory, $65000; and ending finished goods inventory, $35000. How much is Swifty’s cost of goods sold for the year?

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Answer:

COGS= $710,000

Explanation:

Giving the following information:

cost of goods manufactured, $700000

beginning finished goods inventory, $45000

ending finished goods inventory, $35000.

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= 45,000 + 700,000 - 35,000

COGS= $710,000

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