3 Practice question.xlsx Compute cost of goods manufactured and cost of goods sold (2-28) The following are the account balances relating to 2019 (in thousands) Schedule of Cost of Goods Manufactured For the year Ended December 31, 2019 ('000) Property tax on plant building $4,200 Direct material used $106,800 Marketing, distribution and customer service costs 44,400 Direct manufacturing labour 38,400 Finished goods inventory, January 1, 2019 37,400 Indirect Manufacturing costs: Plant utilities 20,400 Property tax on plant building $4,200 Work in process inventory, December 31, 2019 32,200 Plant utilities 20,400 Deprection on Plant building 14,700 Deprection on Plant building 14,700 General and administrative cost non-plant) $1,600 Deprection on Plant equipment 14,700 Direct material used 106,800 Plant repairs and maintainance 19,200 Finished goods inventory, December 31, 2019 44,800 Indirect manufacturing labour 27,600 Deprection on Plant equipment 14,700 Indirect material used 14.200 Plant repairs and maintainance 19,200 Miscellaneous plant overhead 5200 Work in process inventory, Januray 1, 2019 25,000 Subtotal $120,200 Direct manufacturing labour 38,400 Manufacturing cost incurred during 2019 $265,400 Indirect manufacturing labour 27,600 Indirect material used 14,200 Miscellaneous plant overhead 5200 Add: Beginning work in process-Jans, 2019 Total Manufacturing cost to account for Deduct: Ending work in process-Dec 31, 2019 Cost of Goods Manufactured 25,000 $290,400 32.200 $258,200 Compute cost of goods manufactured and cost of good sold Schedule of Cost of Goods Sold For the year Ended December 31, 2019 ('000) Finished goods inventory, January 1, 2019 $37,400 Add: Cost of goods manufactured 258,200 Cost of goods available for sale $295,600 Less; Ending Finished Inventory, Dec 31, 2019 Cost of goods sold 44,800 $250,800