Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory...
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Accounting
Cornelius Company produces women's clothing. During the year, the company incurred the following costs:
Factory rent: 402,500
Direct Labor: 345,000
Utilities - factory: 44,000
Purchase of direct materials: 592,500
Indirect materials: 78,750
Indirect labor: 69,000
Inventories for the year were as follows:
Materials: Jan 1 = 32,500 Dec 31 = 51,250
Work-in-progress: Jan 1 = 48,750 Dec 31 = 43,000
Finished goods: Jan 1 = 150,000 Dec 31 = 83,250
1 & 2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold.
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