CIMA BA2 · Chapter 8 · Question 8 of 9
The finished goods control account shows an opening balance of $24,000 and transfers in from work in progress of $310,000. The closing balance of finished goods is $31,000. What amount is transferred to cost of sales?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) $303,000
Explanation
Cost of sales = opening finished goods + transfers in from WIP - closing finished goods = $24,000 + $310,000 - $31,000 = $303,000.
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