Compute cost of goods sold for each of these two companies for the year ended December 31, 2011.
|
Century Merchandising |
New Homes Manufacturing |
|
|
Beginning inventory |
||
|
Merchandise |
$250,000 |
|
|
Finished goods |
$500,000 |
|
|
Cost of purchases |
460,000 |
|
|
Cost of goods manufactured |
886,000 |
|
|
Ending inventory |
||
|
Merchandise |
150,000 |
|
|
Finished goods |
144,000 |