Compute the Cost of Goods Manufactured and Cost of Goods Sold for Quality Acquatic

QualityAcquatic Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials.

Beginning

End of

End of

of Year

Year

Year

Raw materials inventory

. . . . . . . .

$

20,000

$

27,000

Insurance on plant

. . . . . . . . . . . . . . . . . . . . . . . .

$

9,000

Work in process inventory

. . . . . .

$

39,000

$

32,000

Depreciation-plant building and equipment

. . . .

$

12,600

Finished goods inventory

. . . . . . .

$

14,000

$

22,000

Repairs and maintenance-plant

. . . . . . . . . . . . .

$

3,900

Purchases of direct materials

. . . .

$

77,000

Marketing expenses

. . . . . . . . . . . . . . . . . . . .

$

80,000

Direct labor

. . . . . . . . . . . . . . . .

$

85,000

General and administrative expenses

. . . . . . . . .

$

22,500

Indirect labor

. . . . . . . . . . . . . . . . .

$

41,000