The following costs were incurred by a manufacturing company: Materials used in product $120,700 Depreciation on plant
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Question:
The following costs were incurred by a manufacturing company:
| Materials used in product | $120,700 | ||
| Depreciation on plant | 6,440 | ||
| Property taxes on plant | 890 | ||
| Labour costs of assembly-line workers | 150,300 | ||
| Factory supplies used | 3,000 | ||
| Advertising expense | 5,350 | ||
| Factory insurance | 21,350 | ||
| Factory supervisor's salary | 50,200 |
Work in process inventory was $6,000 at January 1 and $6,200 at December 31. Finished goods inventory was $30,600 at January 1 and $29,800 at December 31.
(a)
Calculate cost of goods manufactured.
| Cost of goods manufactured | $enter the cost of goods manufactured in dollars |
(b)
The parts of this question must be completed in order. This part will be available when you complete the part above.
Expert Answer:
a To calculate the cost of goods manufactured we need to use the following formula Cost of Goods Man... View the full answer
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