Hollywood Corporation incurred the following costs while manufacturing its product. Materials used in product $120,000. Advertising...

Hollywood 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 $19,000. Property taxes on store $7,500. Delivery expense $21,000. Labour costs of assembly line workers $110,000. Sales commission $35,000. Factory supplies used $25,000. Salaries paid to sales clerks $50,000. Work in process inventory was $10,000 on January 1 and $14,000 at December 31. Finished goods inventory was $60,000 at January 1 and $50,600 at December 1. Please input your responses in answering the following questions.

A) What is the company's total manufacturing costs during the year? $ Answer B) What is the company's cost of goods manufactured for the year? C) What is company's cost of goods sold for the year?

Expert Solution

ekkarill92 answered 2 years ago

Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $130,000 Advertising...

Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $130,000 Advertising expense $46,100 Depreciation on plant 64,500 Property taxes on plant 20,000 Property taxes on store 7,600 Delivery expense 26,800 Labor costs of assembly-line workers 120,900 Sales commissions 39,300 Factory supplies used 32,600 Salaries paid to sales clerks 54,900 Work in process inventory was $14,000 at January 1 and $16,700 at December 31. Finished goods inventory was $61,800 at January 1 and $49,800 at December...

Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $129,400 Advertising...

Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $129,400 Advertising expense $46,700 Depreciation on plant 63,100 Property taxes on plant 19,100 Property taxes on store 8,510 Delivery expense 29,900 Labor costs of assembly-line workers 114,900 Sales commissions 38,300 Factory supplies used 27,900 Salaries paid to sales clerks 59,000 Work in process inventory was $13,300 at January 1 and $17,000 at December 31. Finished goods inventory was $69,700 at January 1 and $48,400 at December...

Damien Corporation incurred the following costs while manufacturing its product: Materials used in product $120,800 Advertising...

Damien Corporation incurred the following costs while manufacturing its product: Materials used in product $120,800 Advertising expense $45,350 Depreciation on plant 62,000 Property taxes on plant 19,100 Property taxes on warehouse 8,310 Delivery expense 21,000 Labour costs of assembly-line workers 110,600 Sales commissions 35,300 Factory supplies used 25,200 Salaries paid to sales clerks 50,100 Work in process inventory was $10,100 at January 1 and $14,100 at December 31. Finished goods inventory was $60,700 at January 1 and $50,800 at December...

Sanjay Corporation incurred the following costs while manufacturing its product: Materials used in product $120,800 Advertising...

Sanjay Corporation incurred the following costs while manufacturing its product: Materials used in product $120,800 Advertising expense $45,350 Depreciation on plant 62,000 Property taxes on plant 19,100 Property taxes on warehouse 8,310 Delivery expense 21,000 Labour costs of assembly-line workers 110,600 Sales commissions 35,300 Factory supplies used 25,200 Salaries paid to sales clerks 50,100 Work in process inventory was $10,100 at January 1 and $14,100 at December 31. Finished goods inventory was $60,700 at January 1 and $50,800 at December...

The Corporation incurred the following costs while manufacturing its product: Materials used in product $121,500

The Corporation incurred the following costs while manufacturing its product: Materials used in product $121,500 Advertising expense $45,400 Depreciation on plant 62,400 Property taxes on plant 19,300 Property taxes on warehouse 8,400 Delivery expense 21,000 Labour costs of assembly-line workers 110,700 Sales commissions 35,100 Factory supplies used 25,000 Salaries paid to sales clerks 50,600 Work in process inventory was $10,000 at January 1 and $14,300 at December 31. Finished goods inventory was $60,600 at January 1 and $51,100 at December 31. Calculate the cost of goods manufactured. 2. The Company reported the following costs and...

Tresme Incorporation incurred the following costs while manufacturing its product: Factory Supplies $28,000 Advertising expense $55,000...

Tresme Incorporation incurred the following costs while manufacturing its product: Factory Supplies $28,000 Advertising expense $55,000 Direct materials used 180,000 Property taxes on plant 20,000 Depreciation on plant 80,000 Delivery expenses 15,000 Property taxes on store 9,500 Sales Commission 40,000 Direct labour costs 125,000 Sales clerks salaries 60,000 Additional Information: Raw materials was $60,000 at January 01 and $45,000 at December 31. Work in process inventory was $22,000 at January 01 and $30,500 at December 31.Finished goods inventory was $80,000...

Casual Casual incurred total manufacturing costs of $24,500,000. Of this amount, $2,900,000 was direct materials used...

Casual Casual incurred total manufacturing costs of $24,500,000. Of this amount, $2,900,000 was direct materials used and $16,800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory, $800,000; Work-in-Process Inventory, $900,000; and Finished Goods Inventory, $500,000. At the end of the year, balances were Raw Materials Inventory, $600,000; Work-in-Process Inventory, $1,800,000; and Finished Goods Inventory, $1,110,000.

Materials use in product $120,000 Advertising expense $45,000 Depreciation on plant 60,000 Prperty taxes on plant...

Materials use in product $120,000 Advertising expense $45,000 Depreciation on plant 60,000 Prperty taxes on plant 19,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 23,000 Saleries paid to sales clerks 50,000 Sales 600,000 Sales return and allowances 15,000 Work-in-process inventory was $22,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31. (a) Compute cost of...

During the month of March, Special Corporation incurred the following manufacturing costs. Depreciation of factory building...

During the month of March, Special Corporation incurred the following manufacturing costs. Depreciation of factory building $1250. Employer fringe benefits payable $4,950. Factory wages payable $48,200. Factory building insurance payable $1725. Raw ,aterials on account $20,000. Raw materials purchased for cash $21,600. Utilities for factory not yet paid $4000. Depreciation of factory equipment $2400. Insurance for factory used up $3300. there should be 3 sets of journals, journalize in order thank you

The following costs were incurred in April: Direct materials $45,300 Direct labor $23,800 Manufacturing overhead $17,500...

The following costs were incurred in April: Direct materials $45,300 Direct labor $23,800 Manufacturing overhead $17,500 Selling expenses $16,800 Administrative expenses $30,200 Prime costs during the month totaled: ? $41,300 ? $69,100 ? $86,600 ? $133,600

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