Thompson Company, a manufacturing firm, has supplied the following information f

Question

Thompson Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year:

Direct labor costs 371,500

Purchases of direct materials 160,400

Freight-in on materials 1,000

Factory supplies used 37,800

Factory utilities 46,000

Commissions paid 80,000

Factory supervision and indirect labor 190,000

Advertising 23,900

Material handling 26,750

Work in process inventory, January 1 201,000

Work in process inventory, December 31 98,000

Direct materials inventory, January 1 47,000

Direct materials inventory, December 31 17,000

Finished goods inventory, January 1 28,000

Finished goods inventory, December 31 45,200


Required:
1. Prepare a cost of goods manufactured statement
2. Prepare a cost of goods sold statement

Explanation / Answer

Are all the values given above exact?

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