Question - XYZ Manufacturing had the following data for the period just ended:
Work in process, Jan 1 - $22,000
Work in process, Dec. 31 - 39,000
Finished goods, Jan. 1 - 72,000
Finished goods, Dec 31 - 62,000
Direct materials used - 124,000
Direct labor - 250,000
Factory depreciation - 79,000
Sales - 940,00
Advertising - 50,000
Factory utilities - 25,000
Indirect materials - 20,000
Indirect labor - 36,000
Required:
A. Calculate XYZ cost of goods sold.
B. Calculate XYZ cost of goods manufactured.