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Calculate the cost of goods manufactured and sold. Sinjay Corporation incurred the following costs while manufacturing its product: Materials used in product $120,000 Advertising expense

Calculate the cost of goods manufactured and sold.

Sinjay Corporation incurred the following costs while manufacturing its product:

Materials used in product

$120,000

Advertising expense

$45,000

Depreciation on factory

60,000

Property taxes on factory

19,000

Property taxes on warehouse

7,500

Delivery expense

21,000

Labour costs of assembly-line workers

110,000

Sales commissions

35,000

Factory supplies used

25,000

Salaries paid to sales clerks

50,000

Work in process inventory was $10,000 at January 1 and $14,000 at December 31. Finished goods inventory was $60,000 at January 1 and $50,600 at December 31.

Complete the following tasks:

  1. Calculate the cost of goods manufactured.
  2. Calculate the cost of goods sold.

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