Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hollywood Corporation incurred the following costs while manufacturing its product. Materials used in product $120,000. Advertising expense $45,000. Depreciation on plant $60,000. Property taxes on

Hollywood Corporation incurred the following costs while manufacturing its product.

Materials used in product

$120,000.

Advertising expense

$45,000.

Depreciation on plant

$60,000.

Property taxes on plant

$19,000.

Property taxes on store

$7,500.

Delivery expense

$21,000.

Labour costs of assembly line workers

$110,000.

Sales commission

$35,000.

Factory supplies used

$25,000.

Salaries paid to sales clerks

$50,000.

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

Submit to the specific link a separate excel formal format spreadsheet for each of the questions below . Formal means top 3 lines - company name, schedule purpose and date of schedule.

In addition to the excel spreadsheets, please input your responses above in answering the following questions.

  1. What is the company's total manufacturing cost for the year? $

  1. What is the company's cost of goods manufactured for the year? $

3) What is company's cost of goods sold for the year? $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditors Guide To IT Auditing

Authors: Richard E. Cascarino

2nd Edition

1118147618, 978-1118147610

More Books

Students also viewed these Accounting questions

Question

What is the effect of word war second?

Answered: 1 week ago