Selected Information Regarding a Company's Most Recent Quarter Follows (All

question 238

Multiple Choice

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was the beginning finished goods inventory?

• A)$2080
• B)$450
• C)$740
• D)$770

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Definitions:

Cost of Goods Manufactured

The total cost of all materials, labor, and overhead used to produce goods during a specific period.

Cost of Goods Purchased

The total expense incurred by a company to buy the goods it has sold or will sell, excluding any indirect costs.

Finished Goods Inventory

The value of a company's inventory of products that are complete and ready for sale.

Cost of Goods Manufactured

The total cost of goods completed during a specific period, including labor, materials, and overhead.