Question
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:
- Calculate the cost of goods manufactured.
- Calculate the cost of goods sold.
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Managerial Accounting Tools for Business Decision Making
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