Coldplay Corporation incurred the following costs while manufacturing its product.
|
Materials used in product |
$100,000 |
Advertising expense |
$45,000 |
|
Depreciation on plant |
60,000 |
Property taxes on plant |
14,000 |
|
Property taxes on store |
7,500 |
Delivery expense |
21,000 |
|
Labor costs of assembly line workers |
110,000 |
Sales commissions |
35,000 |
|
Factory supplies used |
23,000 |
Salaries paid to sales clerks |
50,000 |
Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January 1 and $55,600 at December 31.
Instructions
(a) Compute cost of goods manufactured.
(b) Compute cost of goods sold.