Gore Company makes products for sporting events. The following data are for the year ended December 31, 1998: pl7

Prepare a Cost of Goods Manufactured Statement and compute the cost of goods sold.

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Materials inventory, January 1, 1998 Materials inventory, December 31, 1998 Materials purchases. Direct labor Work in process inventory, January 1, 1998 Work in process inventory, December 31, 1998 Manufacturing overhead. Finished goods inventory, January 1, 1998 Finished goods inventory, December 31, 1998 $ 45,000 65,000 175,000 225,000 30,000 40,000 130,000 80,000 140,000