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Multiple Choice Question 104 Oriole Company's accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials inventory $310000 $260000 Work in process inventory 300000 160000 Finished goods inventory 190000 150000 During 2020, $820000 of raw materials were purchased, direct labor costs amounted to $851700, and manufacturing overhead incurred was $608000. If Oriole Company's cost of goods manufactured for 2020 amounted to $2089700, its cost of goods sold for the year is $1949700. $2049700. $2129700. $2199700.

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Answer:

COGS= $2,129,700

Explanation:

Giving the following information:

Finished goods inventory:

Beginning= $190,000

Ending= $150,000

Cost of goods manufactured= $2,089,700

The cost of goods sold is calculated using the following formula:

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

COGS= 190,000 + 2,089,700 - 150,000

COGS= $2,129,700

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