Compute cost of goods manufactured

Assignment Help Accounting Basics

Reference no: EM13259694

Coldplay Corporation incurred the following costs whilemanufacturing its product

Materials used in product	$100,000	Advertising expense	$45,000
Depreciation on plant	60,000	Property taxes on plant	14,000
Property taxes on store	7,500	Delivery expense	21,000
Labor costs of assembly-line workers	110,000	Sales commissions	35,000
Factory supplies used	23,000	Salaries paid to sales clerks	50,000

Work-in-process inventory was $12,000 at January 1 and $15,500at December 31. Finished goods inventory was $60,000 at January 1and $55,600 at December 31.

Instructions

(a) Compute cost of goods manufactured.
(b) Compute cost of goods sold.

Reference no: EM13259694

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