Answer:
1. Cost of Goods Manufactured is $48,500
2. Cost of Goods Sold is $47,750
Explanation:
1. Cost of Goods Manufactured
Total Manufacturing Costs $48,000
<em>Add</em> Decrease in Work-in-process $500
Cost of Goods Manufactured $48,500
2. Cost of Goods Sold
Opening Stock of Finished Goods $250
<em>Add</em> Cost of Goods Manufactured $48,500
<em>Less</em> Closing Stock of Finished Goods ($1,000)
Cost of Goods Sold $47,750