Problem
The following costs were incurred by a manufacturing company:
|
Materials used in product
|
$120,700
|
|
Depreciation on plant
|
6,440
|
|
Property taxes on plant
|
890
|
|
Labour costs of assembly-line workers
|
150,300
|
|
Factory supplies used
|
3,000
|
|
Advertising expense
|
5,350
|
|
Factory insurance
|
21,350
|
|
Factory supervisor's salary
|
50,200
|
Work in process inventory was $6,000 at January 1 and $6,200 at December 31. Finished goods inventory was $30,600 at January 1 and $29,800 at December 31.
i. Calculate cost of goods manufactured.
ii. The parts of this question must be completed in order. This part will be available when you complete the part above.