Question

Sheffield Corporation incurred the following costs while manufacturing its product.

Materials used in product		$123,100		Advertising expense		$48,000
Depreciation on plant		62,700		Property taxes on plant		23,400
Property taxes on store		7,790		Delivery expense		31,200
Labor costs of assembly-line workers		116,000		Sales commissions		36,500
Factory supplies used		25,000		Salaries paid to sales clerks		53,500

Work in process inventory was $13,000 at January 1 and $17,500 at December 31. Finished goods inventory was $63,600 at January 1 and $46,100 at December 31.

Compute cost of goods manufactured.

Cost of goods manufactured

$

Compute cost of goods sold.

Cost of goods sold

$

Answer 1

Cost of goods manufactured
Direct material used	123100
labor cost of assembly line worker	116000
Manufacturing overhead
Depreciation on plant	62700
factory supplied used	25000
property tax on plant	23400
add:Beginning WIP	13000
less: Work in process at the end	17500
cost of goods manufactured	345700

Computation of goods sold
finished goods inventory at jan 1	63600
add: cost of goods manufactured	345700
less: finished good inventory at dec 31	46100
Cost of goods sold	363200

Please give a thumbs up if it is helpful & let me know if any doubt