Sheffield Corporation incurred the following costs while manufacturing its produ

Question

Sheffield Corporation incurred the following costs while manufacturing its product.
Materials used in product $122,200 Advertising expense $49,900 Depreciation on plant 69,200 Property taxes on plant 17,600 Property taxes on store 8,590 Delivery expense 28,300 Labor costs of assembly-line workers 113,100 Sales commissions 44,400 Factory supplies used 34,000 Salaries paid to sales clerks 51,300
Work in process inventory was $13,300 at January 1 and $17,200 at December 31. Finished goods inventory was $68,800 at January 1 and $47,900 at December 31.

Explanation / Answer

Schedule of Cost of Goods Manufactured Raw materials used in production 122200 Direct labor 113100 Manufacturing overhead 120800 =69200+34000+17600 Total manufacturing costs 356100 Add: Beginning work in process inventory 13300 369400 Deduct: Ending work in process inventory 17200 Cost of goods manufactured 352200 Schedule of Cost of Goods Sold Finished goods inventory, beginning 68800 Add: Cost of goods manufactured 352200 Cost of goods available for sale 421000 Deduct: Finished goods inventory, ending 47900 Cost of goods sold 373100

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