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WileyPLUS x + f = c e dugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS: MyWileyPLUS | Help Contact Us Log Out WileyPLUS Weygandt, Financial & Managerial Accounting, 2e Financial & Managerial Accounting (ACCT 2100 & 2110) Home Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment > Open Assignment FULL SCREEN PRINTER VERSION BACK NEXT Exercise 15-8 Lopez Corporation incurred the following costs while manufacturing its product. ASSIGNMENT RESOURCES Chapter 15 HW Exercise 15-1 Multiple Choice Question 39 Exercise 15-2 Exercise 15-4 Exercise 15-8 - Exercise 15-9 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 Review Score Review Results by Study Objective Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January 1 and $45,600 at December 31. Compute cost of goods manufactured. Cost of goods manufactured LINK TO TEXT VIDEO: APPLIED SKILLS Compute cost of goods sold. Cost of goods solds LINK TO TEXT VIDEO: APPLIED SKILLS License Agreement | Privacy Policy © 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.18.1

Answer 1

Cost of Goods Manufactured

Cost of Goods Manufactured = Total manufacturing cost + Beginning Work in process - Ending work in process
= (Material used in production + Labor Cost + Depreciation on plant + Factory supplies used + Property tax on plant) + Beginning work in process - Ending work in process

= 120,000 + 110,000 + 60,000 + 23,000 + 14,000 + 12,000 - 15,500 = 323,500

Cost of Goods Manufactured = $ 323,500

Cost of Goods Sold = Cost of goods manufactured + Beginning inventory - Ending inventory
= 323,500 + 60,000 - 45,600 = $ 337,900