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300 CEO's salary Gas and oil for delivery trucks Instructions SU 12.000 2,200 Office supplies Office utilities Repairs on office equipment 990 180 ermine the total amount of (a) delivery service (product) costs and (b) period costs. LO 3), AP Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $120,000 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 Sales commissions 35,000 110,000 Salaries paid to sales Factory supplies used 23,000 clerks 50,000 Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inven- tory was $60,000 at January 1 and $45,600 at December 31. workers Instructions a. Compute cost of goods manufactured. b. Compute cost of goods sold. E1.9 (LO 3), AP An incomplete cost of goods manufactured schedule is presented below. Hobbit Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 $210,000 $ ? 158,000 22,500 $180,000 Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 18,000 36,000 68,000 122,000 81,00 $540,00 300 CEO's salary Gas and oil for delivery trucks Instructions SU 12.000 2,200 Office supplies Office utilities Repairs on office equipment 990 180 ermine the total amount of (a) delivery service (product) costs and (b) period costs. LO 3), AP Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $120,000 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 Sales commissions 35,000 110,000 Salaries paid to sales Factory supplies used 23,000 clerks 50,000 Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inven- tory was $60,000 at January 1 and $45,600 at December 31. workers Instructions a. Compute cost of goods manufactured. b. Compute cost of goods sold. E1.9 (LO 3), AP An incomplete cost of goods manufactured schedule is presented below. Hobbit Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 $210,000 $ ? 158,000 22,500 $180,000 Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 18,000 36,000 68,000 122,000 81,00 $540,00

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