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Sinjay Corporation incurred the following costs while manufacturing its product: Materials used in product $120,000 Depreciation on factory 60,000 Property taxes on warehouse 7,500
Sinjay Corporation incurred the following costs while manufacturing its product: Materials used in product $120,000 Depreciation on factory 60,000 Property taxes on warehouse 7,500 Labour costs of assembly-line workers 110,000 Factory supplies used 25,000 Advertising expense Property taxes on factory Delivery expense Sales commissions Salaries paid to sales clerks Work in process inventory was $10,000 at January 1 and $14,000 at December 31. Finished goods inventory was $60,000 at January 1 and $50,600 at December 31. Instructions $45,000 19,000 21,000 35,000 50,000 a. Calculate the cost of goods manufactured. b. Calculate the cost of goods sold. Determine missing amounts in cost of goods manufactured schedule.
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