Cornelius Company produces women’s clothing. During the year, the company incurred the following costs: Factory rent...

Cornelius Company produces women’s clothing. During the year, the company incurred the following costs:


Factory rent	$	386,000
Direct labor		312,000
Utilities—factory		39,600
Purchases of direct materials		565,000
Indirect materials		69,400
Indirect labor		62,400

Inventories for the year were as follows:

	January 1		December 31
Materials	$	27,000	$	43,000
Work-in-Process		46,000		40,800
Finished Goods		139,000		77,200

Required:

1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold.

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ekkarill92 answered 1 year ago

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