Exercise 1-11 Cost of goods sold computation LO P1

	Unimart				Precision Manufacturing
Beginning inventory
Merchandise		$	276,000
Finished goods						$	552,000
Cost of purchases			400,000
Cost of goods manufactured							750,000
Ending inventory
Merchandise			176,000
Finished goods							170,000

Compute cost of goods sold for each of these two companies for the year ended December 31, 2017.

UNIMART
Partial Income Statement
For Year Ended December 31, 2017
Cost of goods sold:
Goods available for sale
Cost of goods sold

PRECISION MANUFACTURING
Partial Income Statement
For Year Ended December 31, 2017
Cost of goods sold:
Goods available for sale
Cost of goods sold