If a Company Had a Beginning Balance of $5,000 in Finished

question 96

True/False

If a company had a beginning balance of $5,000 in Finished Goods Inventory,an ending balance of $8,000 and cost of goods manufactured was $47,000 during the month,then the cost of goods sold for the month was $44,000.

---

Definitions:

Office Utilities

Expenses associated with the essential services used in an office, such as electricity, water, gas, and internet.

Selling and Administrative Expense

Operating expenses that are not directly tied to production, including costs related to sales, marketing, and general administration of a company.

Direct Materials

The raw materials directly traceable to the manufacturing of a product, forming a significant part of the production cost.

Advertising Fees

Costs associated with promoting products or services through various media channels to increase consumer awareness and sales.