Question

Hollywood Corporation incurred the following costs while manufacturing its product.

Materials used in product	$120,000.	Advertising expense	$45,000.
Depreciation on plant	$60,000.	Property taxes on plant	$19,000.
Property taxes on store	$7,500.	Delivery expense	$21,000.
Labour costs of assembly line workers	$110,000.	Sales commission	$35,000.
Factory supplies used	$25,000.	Salaries paid to sales clerks	$50,000.

Work in process inventory was $10,000 on January 1 and $14,000 at December 31.  Finished goods inventory was $60,000 at January 1 and $50,600 at December 1.

Submit to the specific link a separate excel formal format spreadsheet for each of the questions below . Formal means top 3 lines - company name, schedule purpose and date of schedule.

In addition to the excel spreadsheets, please input your responses above in answering the following questions.

1. What is the company's total manufacturing cost for the year? $

3. What is the company's cost of goods manufactured for the year? $

3) What is company's cost of goods sold for the year? $

Answer 1

1.

Hollywood Corporation
Schedule of total manufacturing cost
For the year ended December 31
Material used in production		$ 1,20,000
Add: Direct labor		$ 1,10,000
Add: Manufacturing overhead
Depreciation on plant	$ 60,000
Factory supplies used	$ 25,000
Property taxes on plant	$ 19,000
Total manufacturing overhead		$ 1,04,000
Total manufacturing cost		$ 3,34,000

2.

Hollywood Corporation
Schedule of Cost of goods manufactured
For the year ended December 31
Total manufacturing cost	$ 3,34,000
Add: Beginning work in process inventory	$     10,000
Less: Ending work in process inventory	$   -14,000
Cost of goods manufactured	$ 3,30,000

3.

Hollywood Corporation
Schedule of Cost of goods sold
For the year ended December 31
Cost of goods manufactured	$ 3,30,000
Add: Beginning finished goods inventory	$     60,000
Less: Ending finished goods inventory	$   -50,600
Cost of goods sold	$ 3,39,400

You can reach me over comment box, if you have any doubts. please rate this answer.