725,000
Deduct: Work in process inventory, ending ... 35,000
Cost of goods manufactured ... $690,000
The cost of goods sold section of the income statement follows:
Finished goods inventory, beginning... $ 50,000
Add: Cost of goods manufactured ... 690,000 *
Goods available for sale (given) ... 740,000
Deduct: Finished goods inventory, ending... 80,000 *
Cost of goods sold (given) ... $660,000
* These items must be computed by working backwards up through the
statements.
Problem 2-27 (continued)
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