cost of goods sold and cost of goods manufactured?
Craig Corporation incurred the following costs while manufacturing its product.
Materials used in product $109,930 Advertising expense $43,240
Depreciation on plant 58,020 Property taxes on plant 10,380
Property taxes on store 7,410 Delivery expense 21,170
Labor costs of assembly-line workers 107,110 Sales commissions 32,750
Factory supplies used 22,030 Salaries paid to sales clerks 49,520
Work-in-process inventory was $13,490 at January 1 and $16,510 at December 31. Finished goods inventory was $55,480 at January 1 and $55,970 at December 31.
I need help finding out the cost of goods sold and cost of goods manufactured!!
- michrLv 76 years agoFavorite Answer
cost of goods manufactured is the cost of manufacturing, the raw materials, labor, plant depreciation, plant taxes, utilities, and associated expenses to actually produce the product.
cost of goods sold includes all the above plus all the associated cost to make the sale such as sales labor, transportation, sales based commissions, stores utilities, store rent/mortgage, etcetera...