Calculate Cost of Goods Sold for the Following Two Companies

Essay

Calculate cost of goods sold for the following two companies:
$\begin{array}{lrr}&\text { CARVER }&\text { PEMBROKE, }\\&\text { LTD }&\text { INC. }\\ \text { Beginning inventory: } & & \\\text { Merchandise } &\$ 250,000 & \\\text { Finished goods } & & \$550,000\\\text { Cost of goods purchased } &460,000 & \\\text { Cost of goods manufactured } & & 688,000\\\text { Ending inventory: } & \\\text { Merchandise }& 128,000 \\\quad \text { Finished goods } & &350,000\end{array}$