LillyProducts, a small manufacturer, has submitted the items below concerning last year's operations. The president's...
90.2K
Verified Solution
Link Copied!
Question
Accounting
LillyProducts, a small manufacturer, has submitted the items below concerning last year's operations. The president's secretary, trying to be helpful, has alphabetized the list.
You are required toa)Prepare a schedule of Cost of Goods Manufactured for the year &
b)Cost of Goods Sold for the year.
Descriptions
Dollars $
Administrative salaries
2,400
Advertising expense
1,200
Depreciationfactory building
800
Depreciationfactory equipment
1,600
Depreciationoffice equipment
180
Direct labour cost
21,900
Raw materials inventory, beginning
2,100
Raw materials inventory, ending
3,200
Finished goods inventory, beginning
46,980
Finished goods inventory, ending
44,410
General liability insurance expense
240
Indirect labour cost
11,800
Insurance on factory
1,400
Purchases of raw materials
14,600
Repairs and maintenance of factory
900
Sales salaries
2,000
Taxes on factory
450
Travel and entertainment expense
1,410
Work in process inventory, beginning
1,670
Work in process inventory, ending
1,110
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
