Question

I need to find the ending inventory of finished goods which is 48433.33 based that I...

I need to find the ending inventory of finished goods which is 48433.33 based that I have been shown, but I dont kno how to get that.

https://i.imgur.com/wxMEIs6.jpg

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Answer #1

Inventory at the begining = 0 units

Inventory produced during the year = 30,000 units

Inventory sold during the year = 25,000 units

Hence Inventory at the ending = (Beginning + Production) - Sold = {(0+30,000) - 25,000} = 5,000 units.

Now, in the solution, You have Calculated Cost of Goods Manafactured = $290,600

Hence COGM per unit = 290,600/30,000 = $9.686666/units

Therefore, Ending Inventory of finished goods would be = $9.686666 x 5,000 units = $48,433.33

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