Cost of Goods Manufactured, Cost of Goods Sold, and Impact on Financial Statements
The accounting information system of Bosch, Inc., reported the following cost and inventory data for the year:
Costs Incurred:
Raw Materials Purchased: $125,000
Direct Labor: $75,000
Indirect Labor: $40,000
Equipment Maintenance: $10,000
Insurance on Factory: $12,000
Rent on Factory: $30,000
Equipment Depreciation: $20,000
Factory Supplies: $11,000
Advertising Expenses: $15,000
Selling and Administrative Expenses: $21,000
Raw Materials: Beginning: $10,000 Ending: $17,000
Work in Process: Beginning: $20,000 Ending: $31,000
Finished Goods: Beginning: $30,000 Endind: $25,000
Question 1: Calculate the Cost of Goods Manufactured
Question 2: Calculate the Cost of Goods Sold.