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The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year 2017 are as follows: January 1 finished goods, $765,000; December 31 finished goods, $540,000; cost of goods sold for the year, $2,560,000. The budgeted cost of goods manufactured for the year is a.$1,255,000. b.$2,335,000. c.$2,785,000. d.$3,100,000.

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Answer:

$2,335,000= cost of goods manufactured

Explanation:

Giving the following information:

January 1 finished goods, $765,000

December 31 finished goods, $540,000

Cost of goods sold for the year, $2,560,000

To calculate the cost of goods manufactured, we need to use the following formula:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

2,560,000 = 765,000 + cost of goods manufactured - 540,000

2,335,000= cost of goods manufactured

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