Question: The following data were available from Mith Co . ' s records on December 3 1 : Finished goods inventory, 1 / 1 $ 1

The following data were available from Mith Co.'s records on December 31:
Finished goods inventory, 1/1 $120,000
Finished goods inventory, 12/31110,000
Cost of goods manufactured 520,000
Loss on sale of plant equipment 50,000
The cost of goods sold for the year was

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