jaccamoboy
17.10.2020 •
Business
Lopez Corporation incurred the following costs while manufacturing its product.
Materials used in product $129,400 Advertising expense $46,700
Depreciation on plant 63,100 Property taxes on plant 19,100
Property taxes on store 8,510 Delivery expense 29,900
Labor costs of assembly-
line workers 114,900 Sales commissions 38,300
Factory supplies used 27,900 Salaries paid to sales clerks 59,000
Work in process inventory was $13,300 at January 1 and $17,000 at December 31. Finished goods inventory was $69,700 at January 1 and $48,400 at December 31.
Compute cost of goods manufactured.
Cost of goods manufactured $
Compute cost of goods sold.
Cost of goods sold $
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Ответ:
Cost of goods manufactured= $350,700
Cost of goods sold= $372,000
Explanation:
The cost of goods manufactured can be calculated as follows
= Direct materials utilized + factory supplies utilized + direct labor + depreciation on plants + property taxes on plant + work in process. January 1 - work in process December 31
= 129,400 + 27,900 + 114,900 + 63,100 + 19,100 + 13,300 -17,000
= $350,700
The cost of goods sold can be calculated as follows
= finished goods on January 1 + cost of goods manufactured - finished goods on December 31
= 69,700 + 350,700 - 48,400
= $372,000
Ответ:
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Explanation:
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