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To calculate the Cost of Goods Sold (COGS) for Belton Company based on the provided data, we will use the following formula:

\[
\text{COGS} = \text{Finished Goods Inventory (Beginning)} + \text{Cost of Goods Manufactured} - \text{Finished Goods Inventory (Ending)}
\]

Where:

- **Cost of Goods Manufactured** is calculated as:
  \[
  \text{Cost of Goods Manufactured} = \text{Direct Materials Used} + \text{Direct Labor} + \text{Factory Overhead} + \text{Work in Process Inventory (Beginning)} - \text{Work in Process Inventory (Ending)}
  \]

### Step-by-step Calculation:

1. **Cost of Goods Manufactured:**

\[
\text{Cost of Goods Manufactured} = 300 + 210 + 80 + 250 - 90
\]
\[
= 250 + 300 + 210 + 80 - 90 = 750 \text{ (in thousands)}
\]

2. **COGS:**

\[
\text{COGS} = 340 + 750 - 60
\]
\[
= 1030 \text{ (in thousands)}
\]

### Conclusion:
The cost of goods sold (COGS) for May is **$1,030,000** (in thousands).

Would you like further details or explanations on this calculation?

Here are 5 related questions:
1. What is the difference between COGS and gross profit?
2. How does the work in process inventory affect COGS?
3. What are some common ways to reduce the cost of goods sold?
4. How does factory overhead contribute to the cost of goods manufactured?
5. Can COGS be impacted by the method of inventory valuation (e.g., FIFO, LIFO)?

**Tip:** Always double-check your ending and beginning inventory values, as errors here can significantly impact the COGS calculation.

Belton Company has gathered the following data concerning its May operations (in thousands). Work in process inventory, beginning: $250, Direct materials used: $300, Finished goods inventory, ending: $60, Direct labor: $210, Work in process inventory, ending: $90, Factory overhead: $80, Finished goods inventory, beginning: $340. Calculate cost of goods sold for May.

Learn how to calculate the cost of goods sold (COGS) for Belton Company using data on inventory, direct materials, labor, and overhead. This example covers key concepts in accounting, including the COGS formula and the cost of goods manufactured.

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