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Question 20 Glavine Corporation incurred the following costs while manufacturing its product. Materials used in product DepreQuestion 17 The following information is available for Elliot Company. 2019 January 1, 2019 $26,000 December 31, 2019 $30,000

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Answer #1

Question 20

(a)

Cost of goods manufactured = Material used in production + Labor cost of assembly line workers + Depreciation on plant + Factory supplies used + Property taxes on plant + Jan 1 work in process inventory - Dec 31 work in process inventory

= $125,000 + $110,000 + $60,000 + $23,000 + $19,000 + $27,000 - $15,500

= $348,500

Question 17

(a)

Cost of goods manufactured = Jan 1 material + Material purchases - Dec 31 material + Direct labor + Manufacturing overhead + Jan 1 work in process - Dec 31 work in process

= $26,000 + $170,000 - $30,000 + $230,000 + $180,000 + $18,500 - $22,200

= $572,300

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