Kovacs Corp

Short Answer

Kovacs Corp. started the year with $3,000,000 in inventory. During the year, it applied the following costs to inventory: direct labor of $1,000,000; raw materials of $7,000,000; and overhead of $4,000,000. The ending inventory had a cost of $3,000,000. Find the cost of goods sold. (Assume the cost of goods sold includes any shrinkage.)______