Swifty Corporation reported the following year-end information: beginning work in process inventory, $75000; cost of goods manufactured, $700000; beginning finished goods inventory, $45000; ending work in process inventory, $65000; and ending finished goods inventory, $35000. How much is Swifty’s cost of goods sold for the year?

COGS= $710,000

Explanation:

Giving the following information:

cost of goods manufactured, $700000

beginning finished goods inventory, $45000

ending finished goods inventory, $35000.

To calculate the cost of goods sold, we need to use the following formula:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 45,000 + 700,000 - 35,000

COGS= $710,000

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; the above statement/question is ( true);