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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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.
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