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4 June, 10:59

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 114,800 Sales commissions Factory supplies used $55,800 23,100 24,800 43,600 60,400 $128,900 Advertising expense 63,400 Property taxes on plant 8,280 Delivery expense 32,100 Salaries paid to sales clerks Work in process inventory was $14,200 at January 1 and $16,900 at December 31. Finished goods inventory was $63,300 at January 1 and $48,200 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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  1. 4 June, 11:46
    0
    The missing data of this question is reproduced as follows;

    Materials Used 128,900

    Depreciation on plant 63,400

    Property taxes on store 8,280

    Labor cost of assembly workers 114,800

    Factory supplies used 32,100

    Advertising expense 55,800

    Property taxes on plant 23,100

    Delivery expense 24,800

    Sales commission 43,600

    Salaries paid to sales clerk; 60,400

    Explanation:

    Cost of Goods Manufactured

    Materials Used 128,900

    Depreciation on plant 63,400

    Property taxes on plant 23,100

    Labor cost of assembly workers 114,800

    Factory supplies used 32,100

    WIP Beginning 14,200

    Less; WIP closing (16,900)

    Cost of Goods Manufactured 359,600

    Cost of Goods Sold

    Opening Finished Goods 63,300

    Cost of goods manufactured 359,600

    Less; Closing Fininsed goods (48,200)

    Cost of Goods Sold 374,700
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