Exercise 1-11 Cost of goods sold computation LO P1 Precision Unimart Manufacturing Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods man Ending inventory Merchandise Finished goods $231,000 $ 462,000 520,000 880,000 131,000 125,000 Compute cost of goods sold for each of these two companies for the year ended December 31, 2015 Merchandising Business: UNIMART Partial Income Statement For Year Ended December 31, 2015 Cost of goods sold: Goods available for sale Cost of goods sold