Answer:
Cost of goods manufactured= $350,700
Cost of goods sold= $372,000
Explanation:
The cost of goods manufactured can be calculated as follows
= Direct materials utilized + factory supplies utilized + direct labor + depreciation on plants + property taxes on plant + work in process. January 1 - work in process December 31
= 129,400 + 27,900 + 114,900 + 63,100 + 19,100 + 13,300 -17,000
= $350,700
The cost of goods sold can be calculated as follows
= finished goods on January 1 + cost of goods manufactured - finished goods on December 31
= 69,700 + 350,700 - 48,400
= $372,000
