Cost of Goods Sold
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The manufacturing operations of Jones Company had the following inventory balances for the month of March:
Inventories March 1 March 31
Raw materials 13,000 15,000
Work in process 4,000 9,000
Finished goods 30,000 23,000
Reference: 2-7
If the company transferred 39,000 of completed goods from work in process to finished goods during March, what was the amount of the cost of goods sold?
(a) 41,000
(b) 46,000
(c) 39,000
(d) 32,000
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Solution Summary
The solution explains the calculation of cost of goods sold given he various inventory balances.
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