ABC Firm produces a wide range of plastic products. Information for the firms inventory accounts at the beginning and end of 2020 follows:

Account Beg. Balance End. Balance

Direct materials $121,500 $139,700

Work in process 458,900 998,400

Finished goods 845,300 239,500

Other information from 2020 for the firm includes:

Sales salaries $156,300

Purchases of direct materials 192,400

Rent 84,300

Direct labour 243,500

Depreciation on corporate jet 44,700

Depreciation on factory machines 91,500

Sales 1,548,200

Insurance on corporate jet 34,800

Indirect labour 54,300

Fire insurance on factory building 12,500

Insurance on finished goods warehouse 18,400

1. Compute cost of goods manufactured.
2. Compute cost of goods sold.