Response to the following problem:
Davidson Company has the following information for August:
Cost of direct materials used in production ..................$60,000
Direct labor ....................................................... 90,000
Factory overhead ................................................ 44,000
Work in process inventory, August 1 ........................ 20,000
Work in process inventory, August 31 ....................... 16,000
Finished goods inventory, August 1 ......................... 36,000
Finished goods inventory, August 31 ........................ 20,000
For August, determine
(a) The cost of goods manufactured and
(b) The cost of goods Sold.