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Portland Manufacturing had the following data for the period just ended:
Work in process, January 1 $ 28,500
Work in process, December 31 42,000
Finished goods, January 1 88,000
Finished goods, December 31 70,000
Direct materials used 137,000
Direct labor 335,000
Factory depreciation 77,000
Sales 985,000
Advertising expense 67,000
Factory utilities 33,500
Indirect materials 32,000
Indirect labor 47,000
Required: Calculate Portlands cost of goods manufactured. Calculate Portlands cost of goods sold.
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