Cost of Goods Manufactured and Sold
Anglin Company, a manufacturing firm, has supplied the followinginformation from its accounting records for the last calendaryear:
| Direct labor cost | $493,520 |
| Purchases of direct materials | 375,280 |
| Freight-in on materials | 7,750 |
| Factory supplies used | 17,210 |
| Factory utilities | 53,300 |
| Commissions paid | 79,606 |
| Factory supervision and indirect labor | 165,870 |
| Advertising | 144,740 |
| Materials handling | 17,960 |
| Work-in-process inventory, January 1 | 203,020 |
| Work-in-process inventory, December 31 | 118,330 |
| Direct materials inventory, January 1 | 39,950 |
| Direct materials inventory, December 31 | 34,170 |
| Finished goods inventory, January 1 | 58,220 |
| Finished goods inventory, December 31 | 61,010 |
Required:
1. Prepare a cost of goods manufacturedstatement.
| Anglin Company |
| Statement of Cost of Goods Manufactured |
| For the Year Ended December 31 |
| Direct materials: | | |
| $ | |
| | |
| | |
| Materials available | $ | |
| | |
| Direct materials used in production | | $ |
| | |
| Manufacturing overhead: | | |
| $ | |
| | |
| | |
| | |
| Total overhead costs | | |
| Total manufacturing costs added | | $ |
| | |
| | |
| Cost of goods manufactured | | $ |
2. Prepare a cost of goods sold statement.
| Anglin Company |
| Statement of Cost of Goods Sold |
| For the Year Ended December 31 |
| $ |
| |
| $ |
| |
| Cost of goods sold | $ |
