Question

Sheffield Corporation incurred the following costs while manufacturing its product. Materials used in product $123,100 Advertising...

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 $

Homework Answers

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

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