Cost of goods Sold Problem Calculate the cost of Goods Manufactured, Cost of Goods sold and net Income for the numbers at the left Raw Material Inventory Jan 1 Raw Material Inventory Dec 31 Work in Process Inventory Jan 1 Work in Process Inventory Dec 31 80,000 60,000 100,000 140,000 finished Goods Inventory Jan 1 120,000 finished Goods Inventory Dec 31 110,000 material Purchased 180,000 Direct Labor 280,000 Indirect material 15,000 Indirect Labor 75,000 Factory supplies used 16,000 Selling Expenses 64,000 Factory Depreciation 30,000 Factory Repairs 22,000 Office (non-factory) Depreciation 58,000 Revenue/Sales 1,500,000