Flounder Corporation incurred the following costs while manufacturing its product.Materials used in productDepreciation on plantProperty taxes on storeLabor costs of assembly-line workersFactory supplies used(a)Compute cost of goods manufactured.$108,000Cost of goods manufactured $54,0006,75099,00020,900Advertising expenseProperty taxes on plantDelivery expenseSales commissionsSalaries paid to sales clerks$40,50012,70018,800Work in process inventory was $10,850 at January 1 and $13,900 at December 31. Finished goods inventory was $54,000 at January1 and $41,000 at December 31.31,50045,000

Cost of goods manufactured :— It is the total cost of completed finished goods transferred from work…

Flounder 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 (a) Compute cost of goods manufactured. Cost of goods manufactured $108,000 $ 54,000 6,750 99,000 20,900 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $40,500 12,700 Work in process inventory was $10,850 at January 1 and $13,900 at December 31. Finished goods inventory was $54,000 at January 1 and $41,000 at December 31. 18,800 31,500 45,000

Flounder 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 (a) Compute cost of goods manufactured. Cost of goods manufactured $108,000 $ 54,000 6,750 99,000 20,900 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $40,500 12,700 Work in process inventory was $10,850 at January 1 and $13,900 at December 31. Finished goods inventory was $54,000 at January 1 and $41,000 at December 31. 18,800 31,500 45,000

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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