3) Glavine Corporation incurred the following costs while manufacturing its product. Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31 . Finished goods inventory was $65,000 at January 1 and $50,600 at December 31 . Instructions (a) Compute cost of goods manufactured. (b) Compute cost of goods sold. (a) Work-in-process, 1/1 Direct materials used Direct labor Manufacturing overhead Depreciation on plant Factory supplies used Property taxes on plant Total manufacturing overhead Total manufacturing costs Total cost of work-in-process Less: Work-in-process, 12/31 Cost of goods manufactured (b) Finished goods, 1/1 Cost of goods manufactured Cost of goods available for sale Less: Finished goods, 12/31 Cost of goods sold