Home / Questions / The following amounts were taken from the general ledger of the Excellent Manufacturing Co
The following amounts were taken from the general ledger of the Excellent Manufacturing Company. Compute the cost of goods manufactured and the cost of goods sold for the company for the year.
|
Raw materials inventory - beg. of year |
$50,000 |
Depreciation - plant & equipment |
$26,000 |
|
Raw materials inventory - end of year |
56,000 |
Repairs and maintenance - plant |
8,000 |
|
Work in process inv. - beg. of year |
100,000 |
Insurance on plant |
18,000 |
|
Work in process inv. - end of year |
70,000 |
General and administration exp. |
25,000 |
|
Finished goods inv. - beg. of year |
36,000 |
Indirect labor |
30,000 |
|
Finished goods inv. - end of year |
50,000 |
Direct labor |
164,000 |
|
Purchase of direct materials |
30,000 |
Marketing expenses |
40,000 |
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