Tommi Corporation incurred the following costs while manufacturing its product.

Work-in-process inventory was $10,000 at January 1 and $14,000 at December 31. Finished goods inventory was $60,500 at January 1 and $50,600 at December 31.

Instructions 

(a) Compute cost of goods manufactured.

(b) Compute cost of goods sold.

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Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $120,000 Advertising expense 60,000 Property taxes on plant 7,500 Delivery expense 110,000 Sales commissions 25,000 Salaries paid to sales clerks $45,000 19,000 21,000 35,000 50,000