Exercise 19-8 Lopez Corporation incurred the following costs while manufacturing

Question

Exercise 19-8 Lopez Corporation incurred the following costs while manufacturing its product Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers 119,500 Sales commissions Factory supplies used $123,700 Advertising expense $48,000 17,800 28,200 40,600 57,600 62,600 Property taxes on plant 7,700 Delivery expense 26,200 Salaries paid to sales clerks Work in process inventory was $14,600 at January 1 and $17,500 at December 31. Finished goods inventory was $62,700 at January 1 and $50,000 at December 31. Compute cost of goods manufactured. Cost of goods manufactured s Compute cost of goods sold. Cost of goods sold s

Explanation / Answer

Cost of goods Manufactured Amount in$ Direct material used        1,23,700 Direct labour        1,19,500 Manufacturing overhead : -Depreciation on plant              62,600 -Factory suppliers used              26,200 -Property tax on plant              17,800 Total manufacturing cost        1,06,600 Add: Beginning WIP            14,600 Less: Ending WIP          -17,500 Cost of goods Manufactured        3,46,900     Cost of goods sold Amount in$   Finished goods - Beginning              62,700 Cost of good manufactured           3,46,900 Cost of goods available for sales           4,09,600 Less : Finished goods ending             -50,000 Cost of goods sold           3,59,600

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.