COST OF GOODS MANUFACTURED AND SOLD
Lucero Company, a manufacturing firm, has supplied the following information from its accounting records for the past calendar year:
Direct labour cost $206,780
Purchases of direct materials 160,400
Freight-in on materials 830
Factory supplies used 37,800
Factory utilities 46,000
Commissions paid 47,562
Factory supervision and indirect labour 190,000
Advertising 145,600
Materials 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 18,000
Finished goods inventory, December 31 62,700
Required:
1. Prepare a cost of goods manufactured statement.
2. Prepare a cost of goods sold statement