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home / study / business / accounting / accounting questions and answers / Exercise 10-8 (Part Level Submission) Flounder Corporation Incurred The Following Costs While ... Your question has been answered Let us know if you got a helpful answer. Rate this answer Question: Exercise 10-8 (Part Level Submission) Flounder Corporation incurred the following costs while man... Exercise 10-8 (Part Level Submission) Flounder Corporation incurred the following costs while manufacturing its product. Materials used in product $126,000 Advertising expense $48,300 Depreciation on plant 65,900 Property taxes on plant 23,500 Property taxes on store 8,030 Delivery expense 30,200 Labor costs of assembly-line workers 115,200 Sales commissions 37,200 Factory supplies used 32,200 Salaries paid to sales clerks 55,400 Work in process inventory was $14,400 at January 1 and $17,400 at December 31. Finished goods inventory was $64,000 at January 1 and $45,900 at December 31. What cost of goods sold?

Answer 1

Calculate cost of goods sold :

Material used in product		126000
Labour cost		115200
Manufacturing overhead
Depreciation on plant	65900
Property taxes on plant	23500
Factory supplies used	32200	121600
Total manufacturing cost			362800
Beginning work inprocess			14400
Total cost work in process			377200
Less: Ending work in process			(17400)
Cost of goods manufactured			359800
Beginning finished goods inventory			64000
Cost of goods available for sale			423800
Less: Ending finished goods inventory			(45900)
Cost of goods sold			377900