EXERCISE 3-17 (30 MINUTES)

5. The Cost of Goods Sold for the year would have been:

Finished goods inventory, 1/1 ... $ 40,000

Add: Cost of goods manufactured (from Work in Process) .. 470,000

Goods available for sale... 510,000

Finished goods inventory, 12/31... 60,000

Cost of goods sold... $450,000

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Solutions Manual, Chapter 3 105

Problem 3-24 (continued)