Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost Purchases of direct materials $496,080 377,100 Freight-in on materials 7,680 Factory supplies used 17,840 Factory utilities 53,750 Commissions paid 78,230 Factory supervision and indirect labor 166,680 Advertising 146,690 Materials handling 17,690 Work-in-process inventory, January 1 203,530 Work-in-process inventory, December 31 116,850 Direct materials inventory, January 1 37,510 Direct materials inventory, December 31 37,450 Finished goods inventory, January 1 58,120 Finished goods inventory, December 31 62,560 A 00000 1. Prepare a cost or goods manufactured statement. Anglin Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Beginning inventory Add: Purchases Add: Freight-in on materials Materials available Less: Ending inventory Direct materials used in production Direct labor Manufacturing overhead: Factory supplies Factory utilities Factory supervision and indirect labor Materials handling Total overhead costs Total manufacturing costs added Add: Beginning work in process Less: Ending work in process Cost of goods manufactured A 10 2. Prepare a cost of goods sold statement. Anglin Company Statement of Cost of Goods Sold For the Year Ended December 31 Cost of goods manufactured Add: Beginning finished goods inventory Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold