Question - Parrish's Manufacturing had the following data for the period just ended:
Work in process, jan 1 $ 21,000
Work in process, Dec 3 40,000
Finished goods, Jan 1 70,000
Finished goods, Dec 31 61,000
Direct Materials used 126,000
Direct labor 260,000
Factory Depreciation 80,000
Sales 945,000
Advertising expense 52,000
Factory utilities 27,000
Indirect Materials 19,000
Indirect Labor 35,000
Required:
A. Calculate Parrish's cost of goods manufactured.
B. Calculate Parrish's cost of goods sold.