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Cost of Goods Manufactured and sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost $496,630 Purchases of direct materials 376,560 Freight-in on materials 7,700 Factory supplies used 18,060 Factory utilities 55,720 Commissions pald 78,217 Factory supervision and indirect labor 167,840 Advertising 146,760 15,040 201,770 119,410 38,320 Materials handling Work-in-process inventory, January 1 Work in process inventory, December 31 Direct materials inventory, January 1 Direct materials Inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Required: 37,760 58,930 62,980 Required: 1. Prepare a cost of goods manufactured statement. Anglin Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Beginning inventory Add: Purchases Add: Freight-in on materials Materials available Less: Ending inventory Direct materials used in production Direct labor Q000 , llll Manufacturing overhead: Factory supplies Factory utilities Factory supervision and indirect labor Materials handling Total overhead costs Manufacturing overhead: Factory supplies Factory utilities Factory supervision and indirect labor Materials handling Total overhead costs Total manufacturing costs added Add: Beginning work in process Less: Beginning work in process 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 manufactured Add: Beginning finished goods inventory Cost of goods available for sale Less: Ending finished goods inventory QOD) Cost of goods sold

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