Reference no: EM132542024

A Corporation incurred the following costs while manufacturing its product.

Materials used in product $ 90,000             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

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 $22,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $55,600 at December 31.

Instructions

Question (a) Create a formal schedule of the Cost of Goods Manufactured.

Question (b) Compute cost of goods sold.