SAMPLE QUESTION:

Brief Exercise 5:

The manufacturing operations of Bryant, Inc. had the following balances for the month of January:

InventoriesJanuary 1January 31

Raw materials$12,000$13,000

Work in process21,00023,000

Finished goods14,00016,000

Bryant transferred $290,000 of completed goods out of work in process during January.

Instructions

Compute the cost of goods sold.