Answer (C) is correct . Madengrad’s cost of goods manufactured can be calculated as follows: ? Sales $160,000 Less:? gross profit (48,000) Cost of goods sold $112,000 Add:? ending finished goods 58,300 Goods available for sale $170,300 Less:? beginning finished goods (60,190) Cost of goods manufactured $110,110
Answer (A) is incorrect because Improperly beginning with gross profit instead of sales results in $46,110.
Answer (B) is incorrect because Improperly beginning with gross profit instead of sales, then improperly subtracting ending finished goods and adding beginning finished goods results in $49,890.
Answer (D) is incorrect because Improperly subtracting ending finished goods and adding beginning finished goods results in $113,890.
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The cost of goods manufactured by Madengrad for the current fiscal year is
