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Dave's Lighting Inc. produces lamps for the construction industry. During the year, the company incurred the following costs: Factory rent $80,000 Direct labor used 425,000

Dave's Lighting Inc. produces lamps for the construction industry. During the year, the company incurred the following costs:

Factory rent

$80,000

Direct labor used

425,000

Factory utilities

50,000

Direct materials purchases

600,000

Indirect materials

150,000

Indirect labor

90,000

Inventories for the year were:

January 1

December 31

Direct materials

$100,000

$75,000

Work in process

20,000

10,000

Finished goods

250,000

215,000

Required:

answer the following statement of cost of goods manufactured and a statement of cost of goods sold.

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