1 answer

Question 20 Glavine Corporation incurred the following costs while manufacturing its product. Materials used in product...

Question:

Question 20 Glavine Corporation incurred the following costs while manufacturing its product. Materials used in product DepreQuestion 17 The following information is available for Elliot Company. 2019 January 1, 2019 $26,000 December 31, 2019 $30,000

Question 20 Glavine 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 workers Factory supplies used Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $125,000 60,000 7,500 110,000 23,000 45,000 19,000 21,000 35,000 50,000 Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31. (a) Compute cost of goods manufactured. Cost of goods manufactured
Question 17 The following information is available for Elliot Company. 2019 January 1, 2019 $26,000 December 31, 2019 $30,000 18,500 22,200 30,000 21,000 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales $170,000 230,000 180,000 800,000 (a) Compute cost of goods manufactured. Cost of goods manufactured Click if you would like to Show Work for this question: Open Show Work

Answers

Question 20

(a)

Cost of goods manufactured = Material used in production + Labor cost of assembly line workers + Depreciation on plant + Factory supplies used + Property taxes on plant + Jan 1 work in process inventory - Dec 31 work in process inventory

= $125,000 + $110,000 + $60,000 + $23,000 + $19,000 + $27,000 - $15,500

= $348,500

Question 17

(a)

Cost of goods manufactured = Jan 1 material + Material purchases - Dec 31 material + Direct labor + Manufacturing overhead + Jan 1 work in process - Dec 31 work in process

= $26,000 + $170,000 - $30,000 + $230,000 + $180,000 + $18,500 - $22,200

= $572,300

.

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