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home / study / business / accounting / accounting questions and answers / Exercise 10-8 (Part Level Submission) Flounder Corporation Incurred The Following Costs While ... Your question has been answered Let us know if you got a helpful answer. Rate this answer Question: Exercise 10-8 (Part Level Submission) Flounder Corporation incurred the following costs while man... Exercise 10-8 (Part Level Submission) Flounder Corporation incurred the following costs while manufacturing its product. Materials used in product $126,000 Advertising expense $48,300 Depreciation on plant 65,900 Property taxes on plant 23,500 Property taxes on store 8,030 Delivery expense 30,200 Labor costs of assembly-line workers 115,200 Sales commissions 37,200 Factory supplies used 32,200 Salaries paid to sales clerks 55,400 Work in process inventory was $14,400 at January 1 and $17,400 at December 31. Finished goods inventory was $64,000 at January 1 and $45,900 at December 31. What cost of goods sold?

Solution

Calculate cost of goods sold :