A O. Di ACC12 Quiz7 Ch19 F-2017 Prof.Ren 22. Glavine Corporation incurred the fo

Question

A O. Di ACC12 Quiz7 Ch19 F-2017 Prof.Ren 22. Glavine 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 Factory supplies used $ 125,000 60,000 7,500 110,000 $45,000 19,000 21,000 35,000 23,000 Salaries paid to sales clerks 50,000 Advertising expense Property taxes on plant Delivery expense Sales commissions 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

Explanation / Answer

Particulars Amt Raw Material Used in Production    125,000.00 Direct Labor    110,000.00 Manufacturing Overhead (60000+23000+19000)    102,000.00 Total Manufacturing Costs    337,000.00 Add: Opening WIP      27,000.00 Less: Closing WIP      15,500.00 Cost of Goods Manufactured    348,500.00 Particulars Amt Opening Finished Goods Inventory      65,000.00 Add: Cost of Goods Manufactured    348,500.00 Goods Avaialble for Sale    413,500.00 Less: Closing Finished Goods Inventory      50,600.00 Cost of Goods Sold    362,900.00

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