Question: C o ER 10 &11 HOMEWORK Help Save &Exit 2 Exercise 10-8 Allocating product costs between ending inventory and cost of goods sold LO 10-3

C o ER 10 &11 HOMEWORK Help Save &Exit 2 Exercise 10-8 Allocating product costs between ending inventory and cost of goods sold LO 10-3 Gibson Manufacturing Company began operations on January 1. During the year, it started and completed 1,690 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used- $3,070. 2. Wages of production 3. Salaries of administrative and sales personnel-$1,975 4. Depreciation on manufacturing equipment-$4,981 $3,610 Print eeeice5. Depreciation on ad equipment-$1,765 Gibson sold 1,130 units of product. Required b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c Determine the total of cost of goods sold. (Do not round intermediate calculations.) Prey 2 of 8 Next

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