Question

Question 5 of 6 < 073 TIL View Policies Show Attempt History Current Attempt in Progress Marigold 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 $123,900 67,500 8,420 116,200 24,600 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $49,600 23,400 24,000 41,100 53,000 Work in process inventory was $14,700 at January 1 and $16,900 at December 31. Finished goods inventory was $70,700 at January 1 and $48,900 at December 31.

Answer 1

Schedule of cost of goods manufactured

Direct materials used		123,900
Labor cost of assembly line workers		116,200
Factory Overheads:
Depreciation on plant	67,500
Factory supplies used	24,600
Property taxes on plant	23,400
Total factory overheads		115,500
Total manufacturing costs		355,600
Work in process, beginning		14,700
Work in process, ending		- 16,900
Cost of goods manufactured		$353,400

Cost of goods manufactured = $353,400

· Schedule of cost of goods sold

Beginning finished goods inventory	70,700
Add: Cost of goods manufactured	353,400
Cost of goods available for sale	424,100
Less: Ending finished goods inventory	- 48,900
Cost of goods sold	375,200

Cost of goods sold = $375,200

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