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Cost of goods sold

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The following inventory balances have been provided for the most recent year:
Beginning Ending
Raw materials $20,600 $16,000
Work in process $19,000 $29,800
Finished goods $60,000 $33,000

The cost of goods manufactured was $725,000. What was the cost of goods sold?

(a) $864,000
(b) $802,000
(c) $752,000
(d) $627,000

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The solution explains how to calculate the cost of goods sold.

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Cost of goods sold = Beginning Finished goods inventory + cost of goods ...

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