CompanyX makes stainless steel containers used by medical laboratories and other institutions that handle biohazards. X has provided you with the following data from the most recent year of operations:

Beginning balance in raw materials inventory	$14,000
Beginning balance in work in process	$28,200
Beginning balance in finished goods	$8,200
Purchases of raw materials	$86,450
Payments for direct labor	$134,500
Factory overhead charged to products	$67,250
Ending balance in raw materials inventory	$13,750
Ending balance in work in process	$25,400
Ending balance in finished goods	$10,300

What is Company X's cost of goods manufactured for the year?

What is Company X's cost of goods sold for the year?

Cost of goods manufactured is the amount transferred from work-in-process account to finished goods account. Cost of goods sold is the amount transferred from finished goods to the income statement. It will be helpful to set up simple T-accounts to do this exercise.