Question
Compute the Cost of Goods Manufactured and Cost of Goods Sold for Strike Marine Company for the most recent year using the amounts described next.
Compute the Cost of Goods Manufactured and Cost of Goods Sold for Strike Marine Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials.
Beginning of Year
End of Year
End of Year
Raw materials inventory. . . . . . . .
$23,000
$31,000
Insurance on plant. . . . . . . . . . . . . . . . . . . . . . .
$10,000
Work in process inventory. . . . . . .
$37,000
$29,000
Depreciation-plant building and equipment. . . .
$13,300
Finished goods inventory. . . . . . . .
$15,000
$22,000
Repairs and maintenance-plant. . . . . . . . . . . . .
$4,300
Purchases of direct materials. . . .
$75,000
Marketing expenses. . . . . . . . . . . . . . . . . . . . . .
$77,000
Direct labor. . . . . . . . . . . . . . . . . . .
$85,000
General and administrative expenses. . . . . . . .
$29,500
Indirect labor. . . . . . . . . . . . . . . . . .
$45,000
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