The following information relates to the operations of Favre Company: Finished Goods Inventory, beginning....... $ 80,000 Finished

Question:

The following information relates to the operations of Favre Company:

Finished Goods Inventory, beginning....... $ 80,000
Finished Goods Inventory, ending........ $ 50,000
Cost of goods available for sale......... $220,000

Required
a. What was Favre’s cost of goods manufactured for the period?
b. What was Favre’s cost of goods sold for the period?