Question
A Corporation incurred the following costs while manufacturing its product. Materials used in product$ 90,000Advertising expense$45,000 Depreciation on plant60,000Property taxes on plant19,000 Property taxes on
A Corporation incurred the following costs while manufacturing its product.
Materials used in product$ 90,000Advertising expense$45,000
Depreciation on plant60,000Property taxes on plant19,000
Property taxes on store7,500Delivery expense21,000
Labor costs of assembly-line workers110,000Sales commissions35,000
Factory supplies used23,000Salaries paid to sales clerks50,000
Work-in-process inventory was $22,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $55,600 at December 31.
Instructions
(a)make a formal schedule of the Cost of Goods Manufactured.
(b)Compute cost of goods sold.
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