A manufacturing company's finished goods inventory on January 1 was $68,000; cost of goods manufactured for the year was $147,000; and the December 31 finished goods inventory was $77,000.What is the cost of goods sold for the year?

Finished Goods Inventory

Finished goods inventory refers to the stock of completed products ready for sale at the end of an accounting period.

Cost of Goods Manufactured

The total production cost of goods that are completed during a specific period.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including material and labor costs.