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home / study / business / accounting / accounting questions and answers / Exercise 10-8 (Part Level Submission) Flounder Corporation Incurred The Following Costs While ... Your question has been answered Let us know if you got a helpful answer. Rate this answer Question: Exercise 10-8 (Part Level Submission) Flounder Corporation incurred the following costs while man... Exercise 10-8 (Part Level Submission) Flounder Corporation incurred the following costs while manufacturing its product. Materials used in product $126,000 Advertising expense $48,300 Depreciation on plant 65,900 Property taxes on plant 23,500 Property taxes on store 8,030 Delivery expense 30,200 Labor costs of assembly-line workers 115,200 Sales commissions 37,200 Factory supplies used 32,200 Salaries paid to sales clerks 55,400 Work in process inventory was $14,400 at January 1 and $17,400 at December 31. Finished goods inventory was $64,000 at January 1 and $45,900 at December 31. What cost of goods sold?

Explanation / Answer

Calculate cost of goods sold :

Material used in product 126000 Labour cost 115200 Manufacturing overhead Depreciation on plant 65900 Property taxes on plant 23500 Factory supplies used 32200 121600 Total manufacturing cost 362800 Beginning work inprocess 14400 Total cost work in process 377200 Less: Ending work in process (17400) Cost of goods manufactured 359800 Beginning finished goods inventory 64000 Cost of goods available for sale 423800 Less: Ending finished goods inventory (45900) Cost of goods sold 377900

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