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    Computing Cost of Goods Manufactured and Sold: Coldplay Corp.

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    Coldplay Corporation incurred the following costs while manufacturing its product.

    Materials used in product $100,000
    Advertising expense $45,000
    Depreciation on plant $60,000
    Property taxes on plant $14,000
    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
    Salaries paid to sales clerks $50,000
    Work-in-process inventory was $12,000 at January 1 and $15,500 at December 31
    Finished goods inventory was $60,000 at January 1 and $55,600 at December 31.

    (a) Compute cost of goods manufactured.
    (b) Compute cost of goods sold.

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    Solution Summary

    Provides steps necessary to computer the cost of goods manufactured and the cost of goods sold.