Glavine Corporation incurred the following costs while manufacturing its product.
Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31.
Instructions
(a) Compute cost of goods manufactured.
(b) Compute cost of goods sold.

Question

Glavine Corporation incurred the following costs while manufacturing its product.  
Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31.
Instructions
(a) Compute cost of goods manufactured.
(b) Compute cost of goods sold.

Quizplus · Accepted Answer

The Answer of Glavine Corporation incurred the following costs while manufacturing its product.  
Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31.
Instructions
(a) Compute cost of goods manufactured.
(b) Compute cost of goods sold.

Glavine Corporation Incurred the Following Costs While Manufacturing Its Product