Operations of Valport Company for the year ended November 30, 2010, have been completed, and all of the accounting entries have been made for the year except the transfer of costs from Work-in-Process to Finished Goods for the jobs completed in November, and the transfer of costs from Finished Goods to Cost of Goods Sold for the jobs that have been sold during November. Summarized data that have been accumulated from the accounting records as of October 31, 2010, and for November 2010, are shown below.

Jobs N11-007, N11-013, and N11-015 were completed during November 2010. All completed jobs except Job N11-013 had been turned over to customers by the close of business on November 30, 2010.

Required
1. Prepare a Statement of Cost of Goods Manufactured for Valport Company for the year ended November 30, 2010.
2. Determine the amount of Cost of Goods Sold for the year ended November 30,2010.

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November 2010 Activity Work-in-Ps Balance 10/31/10 Direct Materials Job No.: Direct Labor Machine-Hours 1,500 4,000 25,600 37,900 26,000 $95,000 $ 87,000 55,000 N11-007 N11-013 N11-015 D12-002 D12-003 Totals 4,500 12,000 26,700 20,000 16,800 $80,000 300 1,000 1,400 2,500 800 6,000 $142,000 Operating Activity Through 10/31/10 November 2010 Manufacturing overhead applied Indirect materials Indirect labor Utilities Depreciation $ 125,000 345,000 245,000 385,000 $1,100,000 $ 9,000 30,000 22,000 35,000 S96,000 Total applied overhead Other items Material purchases Direct labor costs Machine-hours $ 965,000 $ 845,000 73,000 S98,000 S80,000 6,000 Account Balances at: Materials inventory Work-in-process inventory Finished goods inventory 12/01/09 $105,000 60,000 125,000 11/30/10 $85,000 150,000 225,000