The following data refer to San Fernando Fashions Company for the year 20x2:

Sales revenue	$	1,050,000
Work-in-process inventory, December 31		30,000
Work-in-process inventory, January 1		32,000
Selling and administrative expenses		150,000
Income tax expense		80,000
Purchases of raw material		160,000
Raw-material inventory, December 31		25,000
Raw-material inventory, January 1		40,000
Direct labor		180,000
Utilities: plant		40,000
Depreciation: plant and equipment		40,000
Finished-goods inventory, December 31		50,000
Finished-goods inventory, January 1		20,000
Indirect material		8,000
Indirect labor		12,000
Other manufacturing overhead		60,000

2. Prepare San Fernando Fashions’ schedule of cost of goods sold for the year.   

Answer is complete but not entirely correct.

SAN FERNANDO FASHIONS COMPANY
Schedule of Cost of Goods Sold
For the Year Ended December 31, 20x2
Finished goods inventory, January 1selected answer correct	$20,000selected answer correct
Add: Cost of goods manufacturedselected answer correct	546,000selected answer incorrect
Cost of goods available for sale	$566,000selected answer incorrect
Less: Finished-goods inventory, December 31selected answer correct	50,000selected answer correct
Cost of goods sold	$516,000selected answer incorrect

what am I doing wrong