Lopez Corporation incurred the following costs while manufacturing its product.
ID: 2562919 • Letter: L
Question
Lopez Corporation incurred the following costs while manufacturing its product.
Work in process inventory was $14,400 at January 1 and $17,000 at December 31. Finished goods inventory was $70,200 at January 1 and $46,400 at December 31.
1A: Cost of good manufactured:
1B: Cost of goods sold:
Materials used in product $129,600 Advertising expense $49,600 Depreciation on plant 70,200 Property taxes on plant 21,000 Property taxes on store 7,690 Delivery expense 31,400 Labor costs of assembly-line workers 120,400 Sales commissions 42,400 Factory supplies used 29,200 Salaries paid to sales clerks 54,400Explanation / Answer
1A) cost of goods manufactured :
1A: Cost of good manufactured: 367800
1B: Cost of goods sold: 391600
Beginning work in process 14400 Material used in production 129600 Labour cost 120400 Manufacturing overhead Depreciation on plant 70200 Factory supplies used 29200 Property tax on plant 21000 120400 Total manufacturing cost 370400 384800 Less: ENding work in process (17000) Cost of goods manufactured 367800 Beginning finished goods inventory 70200 Cost of goods available for sale 438000 Less: Ending finished goods inventory (46400) Cost of goods sold 391600Related Questions
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