Question

what is the cost of goods sold (COGS)?

Whispering Winds Corp. 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 $130,300 Advertising expense 62,500 Property taxes on plant 8,270 Delivery expense 116,100 Sales commissions 34,000 Salaries paid to sales clerks 24,300 26,100 38,100 59,300 Work in process inventory was $14,400 at January 1 and $17,600 at December 31. Finished goods inventory was $61,100 at January 1 and $48,500 at December 31 (a) Compute cost of goods manufactured. Cost of goods manufactured $

Answer 1

Answer
1	Material used in production	$      130,300
	Add: Labour costs	$      116,100
	Add: Depreciation on plant	$        62,500
	Add: Factory supplies	$        34,000
	Property taxes on plant	$        24,300
	Total manufacturing cost	$      367,200
	Beginning work in process inventory	$        14,400
	Add: Total manufacturing cost	$      367,200
	Less: Ending work in process inventory	-$       17,600
	Cost of goods manufactured	$      364,000
2	Beginning finished goods inventory	$        61,100
	Add: Cost of goods manufactured	$      364,000
	Less: Ending finished goods inventory	-$       48,500
	Cost of goods sold	$      376,600

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