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Total manufacturing cost = Materials used in product +
Depreciation on plant + Labor costs of assembly-line workers +
Factory supplies used + Property taxes on plant
Total manufacturing cost = $128,200 + $64,500 + $119,000 + $33,500
+ $22,300
Total manufacturing cost = $367,500
Cost of goods manufactured = Beginning work in process inventory
+ Total manufacturing cost - Ending work in process inventory
Cost of goods manufactured = $13,500 + $367,500 - $17,200
Cost of goods manufactured = $363,800
Cost of goods sold = Beginning finished goods inventory + Cost
of goods manufactured - Ending finished goods inventory
Cost of goods sold = $68,400 + $363,800 - $47,700
Cost of goods sold = $384,500
Exercise 14-08 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $130,000 Advertising expense $46,100 Depreciation on plant 64,500 Property taxes on plant 20,000 Property taxes on store 7,600 Delivery expense 26,800 Labor costs of assembly-line workers 120,900 Sales commissions 39,300 Factory supplies used 32,600 Salaries paid to sales clerks 54,900 Work in process inventory was $14,000 at January 1 and $16,700 at December 31. Finished goods inventory was $61,800 at January 1 and $49,800 at December...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $122,200 Advertising expense $49,900 Depreciation on plant 69,200 Property taxes on plant 17,600 Property taxes on store 8,590 Delivery expense 28,300 Labor costs of assembly-line workers 113,100 Sales commissions 44,400 Factory supplies used 34,000 Salaries paid to sales clerks 51,300 Work in process inventory was $13,300 at January 1 and $17,200 at December 31. Finished goods inventory was $68,800 at January 1 and $47,900 at December...
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 Factory supplies used $126,400 Advertising expense 61,000 Property taxes on plant 7,650 Delivery expense 113,500 Sales commissions 29,300 Salaries paid to sales clerks $54,100 21,800 27,300 38,400 55,400 Work in process inventory was $14,600 at January 1 and $16,700 at December 31. Finished goods inventory was $70,900 at January 1 and $49,100 at December...
Question 1 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 Factory supplies used $130,300 Advertising expense $55,200 24,300 26,100 38,100 59,300 62,500 Property taxes on plant 8,270 Delivery expense 116,100 Sales commissions 34,000 Salaries paid to sales clerks 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...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $121,000 Advertising expense $46,000 Depreciation on plant 61,000 Property taxes on plant 15,000 Property taxes on store 7,600 Delivery expense 22,000 Labor costs of assembly-line workers 111,000 Sales commissions 36,000 Factory supplies used 24,000 Salaries paid to sales clerks 51,000 Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January 1 and $45,700 at December...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $121,000 Advertising expense $46,000 Depreciation on plant 61,000 Property taxes on plant 15,000 Property taxes on store 7,600 Delivery expense 22,000 Labor costs of assembly-line workers 111,000 Sales commissions 36,000 Factory supplies used 24,000 Salaries paid to sales clerks 51,000 Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January 1 and $45,700 at December...
Exercise 1-8 Lopez Corporation incurred the following costs while manufacturing its product. $48,30 Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $126,00 Adve 20. Advertising expense 65,900 Property taxes on plant 8,030 Delivery expense 115,200 Sales commissions Salaries paid to sales clerks 23,500 30,200 37,200 55,400 Work in process inventory was $14,400 at January 1 and $17,400 at December 31. Finished goods inventory was $64,000 at January 1 and...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $124,700 Advertising expense $50,500 Depreciation on plant 68,800 Property taxes on plant 22,700 Property taxes on store 8,230 Delivery expense 30,800 Labor costs of assembly-line workers 111,600 Sales commissions 41,800 Factory supplies used 25,300 Salaries paid to sales clerks 57,800 Work in process inventory was $14,200 at January 1 and $16,800 at December 31. Finished goods inventory was $69,300 at January 1 and $48,000 at December...
Exercise 1-8 (Video) 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 Factory supplies used $49,600 Property taxes on plant21,000 31,400 42,400 Salaries paid to sales clerks 54,400 $129,600 Advertising expense 70,200 7,690 Delivery expense 120,400 29,200 Sales commissions Work in process inventory was $14,400 at January 1 and $17,000 at December 31. Finished goods inventory was $70,200 at January 1 and $46,400...
*Exercise 10-8 (Part Level Submission) 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 Factory supplies used $120,000 Advertising expense 60,000 Property taxes on plant 7,500 Delivery expense 110,000 Sales commissions 23,000 Salaries paid to sales clerks $45,000 14,000 21,000 35,000 50,000 Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January...