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.