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  1. business
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  3. crane corporation incurred the following costs whi

Crane Corporation incurred the following costs while manufacturing its product. Materials...

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Accounting

Crane Corporation incurred the following costs while manufacturing its product.

Materials used in product $126,100 Advertising expense $53,400
Depreciation on plant 70,700 Property taxes on plant 16,500
Property taxes on store 8,060 Delivery expense 22,000
Labor costs of assembly-line workers 111,900 Sales commissions 44,200
Factory supplies used 24,000 Salaries paid to sales clerks 51,100

Work in process inventory was $14,300 at January 1 and $16,600 at December 31. Finished goods inventory was $70,600 at January 1 and $45,900 at December 31.

a) Compute cost of goods manufactured.

Cost of goods manufactured $_____

b) Compute cost of goods sold.

Cost of goods sold $_______

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