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QUESTION 1 (10 Marks) Glavine Corporation incurred the following costs while manufacturing its product. Materials...

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QUESTION 1 (10 Marks) Glavine Corporation incurred the following costs while manufacturing its product. Materials used in product RM 125,000 Advertising expense RM45,000 Depreciation on plant 60,000 Property 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 Salaries paid to sales clerks 50,000 Work-in-process inventory was RM27,000 at January 1 and RM15,500 at December 31. Finished goods inventory was RM65,000 at January 1 and RM50,600 at December 31. Required: a) Compute cost of goods manufactured. (6 Marks) b) Compute cost of goods sold. (4 Marks)

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