FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Step 1 Formula to calculate cost of goods sold
Cost of goods sold = Opening stock of finished goods + Cost of goods manufactured - Closing stock of finished goods
We know that, Opening stock of finished goods + Cost of goods manufactured = Cost of finished goods available for sale.
Cost of finished goods available for sale - Closing stock of finished goods = Cost of goods sold
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