Answer:
Cost of goods manufactured = $328,400
Cost of goods sold = $343,700
Explanation:
The computation of cost of goods manufactured and cost of goods sold is shown below:-
(a) Cost of goods manufactured = Direct materials used + Direct labor + Depreciation on plant + Factory supplies used + Property taxes on plant + Work in Process 1 Jan - Work-in-process, 31 Dec
= $121,000 + $111,000 + $61,000 + $24,000 + $15,000 + $13,000 - $16,600
= $328,400
(b) Cost of goods sold = Finished goods, 1 Jan + Cost of goods manufactured - Finished goods, 31 Dec
= $61,000 + $328,400 - $45,700
= $343,700
