Finally, determine the ending inventory of finished goods by calculating the cost of goods manufactured. Unique Displays Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory 213000 1402000 Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory 1615000 Cost of goods sold Data Table . Raw materials, $75,000 Work in process, $226,000 Finished goods, $213,000 He remembers several schedules he learned in college that may help him get started. Before the disaster recovery specialists clean the buildings, Louise Ditchey, the company controller, is anxious to salvage whatever records she can to support an insurance claim for the destroyed inventory. She is standing in what is left of the Accounting Department wtih Trent Parker, the cost accountant. "I didn't know mud could smell so bad," Trent says. "What should I be looking for?" "Don't worry about beginning inventory numbers," responds Louise. "We'll get them from last year's annual report. We need first-quarter cost data." "I was working on the first-quarter results just before the storm hit," Trent says. "Look, my report's still in my desk drawer. But all I can make out is that for the first quarter, material purchases were $533,000 and that direct labor, manufacturing overhead (other than indirect materials), and total manufacturing costs to account for were $551,000; $218,000; and $1,491,000, respectively. Wait, and cost of goods available for sale was $1,615,000." "Great," says Louise. "I remember that sales for the period were approximately $1.8 million. Given our gross profit of 30%, that's all you should need." Trent is not sure about that, but decides to see what he can do with this information