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QUESTION
(TCO 1) On December 31, 2015, ABC Inc. has a balance in the Finished Goods Inventory account of $20,000. On January 1, 2015, the balance in the...
(TCO 1) On December 31, 2015, ABC Inc. has a balance in the Finished Goods Inventory account of $20,000. On January 1, 2015, the balance in the Finished Goods Inventory account was $45,000. On December 31, 2015, the balance in the Work-in-Process inventory account is $5,000. On January 1, 2015, the balance in the Work-in-Process inventory account is $12,000. Cost of goods manufactured is $290,000. How much is cost of goods sold?
A, $265,000
B, $315,000
C, $283,000
D, $297,000
?
