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Compute the Cost of Goods Manufactured and Cost of Goods Sold for South Marine Company for the most recent year using the amounts described next.
Compute the Cost of Goods Manufactured and Cost of Goods Sold for South Marine Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials. (Click the icon to view the data.) Start the calculation for cost of goods manufactured by calculating the direct materials used. South Marine Company Calculation of Direct Materials Used For Current Year Plus: Less: Direct materials used Compute the Cost of Goods Manufactured and Cost of Goods Sold for South Marine Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials. (Click Data table - Start the ca Beginning End of of Year End of Year Year Raw materials inventory. $ 23,000 $ 33,000 Insurance on plant.. $ 9,500 Work in process inventory $ 37,000 $ 29,000 Depreciation-plant building and equipment $ 13,100 Finished goods inventory.. $ 22,000 $ 28,000 Repairs and maintenance-plant $ 3,600 Purchases of direct materials $ 75,000 Marketing expenses. $ 83,000 Plus: Direct labor.. $ 83,000 General and administrative expenses $ 23,500 Indirect labor. $ 43,000 Less: Direct ma Print Done
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