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I need each step explained with solution not just answer :
Kenton Manufacturing Inc. incurred the following costs in 2010 :
Factory Rent : $100,000
Direct Labor : $250,000
Utilities, Factory : $30,000
Utilities, Sales Office : $5,000
Advertising : $80,000
Sales Salaries : $250,000
Purchase of Raw Materials : $400,000
Indirect Labor : $80,000
Maintenance of Factory Equipment : $50,000
Production Supervisor Salaries : $150,000
Under or Overapplied Overhead Costs : $0
Inventories During the Year Were :
Raw Materials : 1/1/2010 : $80,000 12/31/2010 : $120,000
Work In Process : 1/1/2010 : $100,000 12/31/2010 : $100,000
Finished Goods : 1/1/2010 : $130,000 12/31/2010 : $100,000
Question : Calculate Kent's cost of goods sold for 2010:
A) 1,020,000 B) 1,050,000 C) 1,035,000 D) 1,100,000
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