Compute the cost of goods manufactured and cost of goods sold for Strike Marine Company for the most recent year using the amounts described below. Assume that raw materials inventory contains only direct materials.
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Beginning of Year
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End of Year
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End of Year
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Raw materials inventory
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$25,000
|
$28,000
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Insurance on plant
|
$ 9,000
|
|
Work in process inventory
|
50,000
|
35,000
|
Depreciation-plant building and equipment
|
13,000
|
|
Finished goods inventory
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18,000
|
25,000
|
Repairs and maintenance plant
|
4,000
|
|
Purchase of direct materials
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|
78,000
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Marketing expenses
|
77,000
|
|
Direct Labor
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|
82,000
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General and administrative expenses
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29,000
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Indirect labor
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|
15,000
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