The Accounting Records of Brownwood Company Revealed the Following Information

question 16

Multiple Choice

The accounting records of Brownwood Company revealed the following information: $$\begin{array} { l r } \text { Work-in-process inventory, Jan. 1 } & \$ 58,000 \\\text { Work-in-process inventory, Dec. } 31 & 49,000 \\\text { Finished-goods inventory, Jan. 1 } & 125,000 \\\text { Finished-goods inventory, Dec. } 31 & 158,000 \\\text { Cost of goods manufactured } & 754,000\end{array}$$ Brownwood's cost of goods sold is:

• A) $721,000.
• B) $730,000.
• C) $778,000.
• D) $787,000.
• E) None of the other answers are correct.

---

Definitions:

People, Processes, and Technologies

The three primary components essential for successful organizational management and execution of strategies.

Collaborative Relationship

A partnership or arrangement in which two or more parties work together to achieve common goals or complete specific tasks.

Inventory System

A set of hardware and software tools used to track goods throughout an inventory's lifecycle, from procurement to sales.