The Clear Reception Antenna Company incurred the following costs while manufacturing its High Gain Long Distance Television Antenna, rated a Best Buy in Consumer Reports. Materials used in product $ 105,320 Advertising expense $24,000 Depreciation on plant 23,000 Property taxes on plant 6,800 Property taxes on online store 2,510 Delivery expense 11,000 Labor costs assembly-line workers 101,850 Sales commissions 39,450 Factory supplies used 10,815 Salaries paid to clerks 21,875 Work-in-process inventory was $27,940 at January 1 and $19,300 at December 31. Finished goods inventory was $25,130 at January 1 and $31,210 at December 31. Instructions (a) Compute the cost of goods manufactured for Clear Reception Antenna Company. (b) Compute the cost of goods sold for the company. Note: be sure to show your calculations for both part a. and b. in a well-organized presentation.

The Clear Reception Antenna Company incurred the following costs while manufacturing its High Gain Long Distance Television Antenna, rated a Best Buy in Consumer Reports. Materials used in product $ 105,320 Advertising expense $24,000 Depreciation on plant 23,000 Property taxes on plant 6,800 Property taxes on online store 2,510 Delivery expense 11,000 Labor costs assembly-line workers 101,850 Sales commissions 39,450 Factory supplies used 10,815 Salaries paid to clerks 21,875 Work-in-process inventory was $27,940 at January 1 and $19,300 at December 31. Finished goods inventory was $25,130 at January 1 and $31,210 at December 31. Instructions (a) Compute the cost of goods manufactured for Clear Reception Antenna Company. (b) Compute the cost of goods sold for the company. Note: be sure to show your calculations for both part a. and b. in a well-organized presentation.

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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