Problem #1 - Cost of Goods Manufactured - 10 marks Glavine Corporation incurred the following costs while manufacturing its product. $ 125,000 Materials used in product Depreciation on plant 60,000 Property taxes on store 7,500 Labor costs of assembly-line workers 110,000 Factory supplies used Instructions (a) Compute cost of goods manufactured. 23,000 (b) Compute cost of goods sold. Advertising expense Property taxes on plant Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31. Delivery expense Sales commissions Salaries paid to sales clerks $45,000 19,000 21,000 35,000 50,000

Problem \#1 - Cost of Goods Manufactured - 10 marks Glavine Corporation incurred the following costs while manufacturing its product. Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31 . Finished goods inventory was $65,000 at January 1 and $50,600 at December 31 . Instructions (a) Compute cost of goods manufactured. (b) Compute cost of goods sold