Current Attempt in Progress Larkspur Corporation incurred the following costs during 2022. Direct materials used in product $98,400 Advertising expense $36,900 Depreciation on factory 49,200 Property taxes on factory 11,500 Property taxes on store 6,150 Delivery expense 17,200 Labor costs of assembly-line workers 90,200 Sales commissions 28,700 Factory supplies used 18,900 Salaries paid to sales clerks 41,000 Work in process inventory was $9,850 at January 1 and $12,700 at December 31. Finished goods inventory was $49,200 at January 1 and $37,400 at December 31.

Current Attempt in Progress Larkspur Corporation incurred the following costs during 2022. Direct materials used in product $98,400 Advertising expense $36,900 Depreciation on factory 49,200 Property taxes on factory 11,500 Property taxes on store 6,150 Delivery expense 17,200 Labor costs of assembly-line workers 90,200 Sales commissions 28,700 Factory supplies used 18,900 Salaries paid to sales clerks 41,000 Work in process inventory was $9,850 at January 1 and $12,700 at December 31. Finished goods inventory was $49,200 at January 1 and $37,400 at December 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Compute cost of goods sold.

Current Attempt in Progress
Larkspur Corporation incurred the following costs during 2022.
Direct materials used in product
$98,400
Advertising expense
$36,900
Depreciation on factory
49,200
Property taxes on factory
11,500
Property taxes on store
6,150
Delivery expense
17,200
Labor costs of assembly-line workers
90,200
Sales commissions
28,700
Factory supplies used
18,900
Salaries paid to sales clerks
41,000
Work in process inventory was $9,850 at January 1 and $12,700 at December 31. Finished goods inventory was $49,200 at January 1
and $37,400 at December 31.

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the costs transferred to finished goods inventory are called ?