Cost of Goods Sold Morning Smiles Coffee Company manufactures Stoneware French Press coffee makers. During the month of March, 8,100 coffee makers were completed at a cost of goods manufactured of $607,500. Suppose that on March 1, Morning Smiles had 1,000 units in finished goods inventory costing $70,000 and on March 31, 1,100 units in finished goods inventory costing $65,000. 1. Prepare a cost of goods sold statement for the month of March. Morning Smiles Coffee Company Cost of Goods Sold Statement For the Month of March Cost of goods manufactured $ 607,500 Finished goods inventory, March 1 70,000 Finished goods inventory, March 31 65,000 x Cost of goods sold 5,000 X Feedback Check My Work Cost of goods sold represents the cost of goods that were sold during the period and, therefore, transferred from finished goods inventory on the balance sheet to cost of goods sold on the income statement. Review the cost of Goods Sold Statement in your text. 2. Calculate the number of coffee makers that were sold during March. 5,000 X units Feedback Check My Work Determine units sold by starting with beginning units in finished goods inventory, add units completed and subtract units remaining in ending inventory for the number of units sold. Feedback Check My Work Partially correct