Computing Cost of Manufactured and Sold Goods

Compute the cost of goods manufactured and cost of goods sold for Strike Marine Company for the most recent year using the amounts described below. Assume that raw materials inventory contains only direct materials.

Beginning of End of End of

Year Year Year

Raw materials inventory	$25,000	$28,000	Insurance on plant	$9,000
Work in process inventory	$50,000	$35,000	Depreciation plant building and equipment	$13,000
Finished goods inventory	$18,000	$25,000	Repairs and maintenance	$4,000
Purchases of direct materials		$78,000	Marketing expenses	$77,000
Direct labor		$82,000	General and administrative expenses	$29,000
Indirect labor		$15,000