signment ES Exercise 19-8 Lopez Corporation incurred the following costs while m
ID: 2431764 • Letter: S
Question
signment ES Exercise 19-8 Lopez Corporation incurred the following costs while manufacturing its product Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers113,500 Sales commissions Factory supplies used $54,100 21,800 27,300 38,400 29,300 Salaries paid to sales clerks 55,400 $126,400 Advertising expense 61,000 Property taxes on plant 7,650 Delivery expense Work in process inventory was $14,600 at January 1 and $16,700 at December 31. Finished goods inventory was $70,900 at January 1 and $49,100 at December 31. Compute cost of goods manufactured ly Cost of goods manufactured Compute cost of goods sold Cost of goods sold Click if you would like to Show Work for this question: Qeen Show WorkExplanation / Answer
Cost of Goods Manufactured (COGM)
Calculation of Cost of goods sold:
Cost of goods sold = Opening Finished goods + COGM - Closing Finished goods
= $70,900 + $349,900 - $49,100
= $371,700
Particulars Amount Direct material $126,400 ADD: Labor cost $113,500 ADD: Factory Overhead: Depreciation on plant $61,000 Factory supplies 29,300 Property taxes on plant 21,800 $112,100 total manufacturing cost $352,000 ADD: Opening work in Process $14,600 LESS: Closing Work in process ($16,700) Cost of Goods Manufactured (COGM) $349,900Related Questions
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