Business, 13.08.2021 01:00, bwheele6791

Novak Corporation incurred the following costs while manufacturing its product. Materials used in product $120,000 Advertising expense $45,000
Depreciation on plant 60,000 Property taxes on plant 14,200
Property taxes on store 7,500 Delivery expense 20,800
Labor costs of assembly-line workers 110,000 Sales commissions 35,000
Factory supplies used 23,400 Salaries paid to sales clerks 50,000

Work in process inventory was $12,100 at January 1 and $15,400 at December 31. Finished goods inventory was $60,000 at January 1 and $45,500 at December 31.

Required:
a. Compute cost of goods manufactured.
b. Compute cost of goods sold.

Answers: 3

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