Question 11

The following costs were incurred by a manufacturing company:

Materials used in product		$120,200
Depreciation on plant		6,260
Property taxes on plant		1,000
Labour costs of assembly-line workers		150,900
Factory supplies used		2,550
Advertising expense		4,500
Factory insurance		21,500
Factory supervisors salary		50,100

Work in process inventory was $5,400 at January 1 and $6,100 at December 31. Finished goods inventory was $30,100 at January 1 and $29,900 at December 31.

a, Calculate the cost of goods manufactured:

b, Calculate cost of goods sold: