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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	$495,900
Purchases of direct materials	378,890
Freight-in on materials	7,500
Factory supplies used	18,500
Factory utilities	54,000
Commissions paid	78,983
Factory supervision and indirect labor	165,000
Advertising	145,600
Materials handling	16,900
Work-in-process inventory, January 1	201,000
Work-in-process inventory, December 31	117,400
Direct materials inventory, January 1	37,200
Direct materials inventory, December 31	34,600
Finished goods inventory, January 1	59,200
Finished goods inventory, December 31	62,700

Required:

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1. Prepare a cost of goods manufactured statement.

Direct materials:
Beginning inventoryDirect laborFactory supervision and indirect laborFactory suppliesMaterials handlingBeginning inventory	$Beginning inventory
Add: Cost of goods manufacturedAdd: Direct laborAdd: Factory supervision and indirect laborAdd: Materials handlingAdd: PurchasesAdd: Purchases	Add: Purchases
Add: Beginning inventoryAdd: Ending inventoryAdd: Factory suppliesAdd: Factory utilitiesAdd: Freight-in on materialsAdd: Freight-in on materials	Add: Freight-in on materials
Materials available	$fill in the blank 91a187ffefc106c_7
Less: Ending inventoryLess: Ending work in processLess: Factory supervision and indirect laborLess: Factory suppliesLess: Factory utilitiesLess: Ending inventory	Less: Ending inventory
Direct materials used in production
Beginning inventoryBeginning work in processCost of goods manufacturedDirect laborFactory supervision and indirect laborDirect labor		Direct labor
Manufacturing overhead:
Beginning inventoryDirect laborFactory suppliesFreight-in on materialsPurchasesFactory supplies	$Factory supplies
Beginning inventoryBeginning work in processDirect laborFactory utilitiesPurchasesFactory utilities	Factory utilities
Beginning inventoryBeginning work in processDirect laborFactory supervision and indirect laborFreight-in on materialsFactory supervision and indirect labor	Factory supervision and indirect labor
Beginning inventoryDirect laborEnding work in processFreight-in on materialsMaterials handlingMaterials handling	Materials handling
Total overhead costs
Total manufacturing costs added
Add: Beginning inventoryAdd: Beginning work in processAdd: Factory supervision and indirect laborAdd: Factory suppliesAdd: PurchasesAdd: Beginning work in process		Add: Beginning work in process
Less: Beginning inventoryLess: Beginning work in processLess: Ending inventoryLess: Ending work in processLess: PurchasesLess: Ending work in process		Less: Ending work in process
Cost of goods manufactured

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1. See Example 2.2

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2. Prepare a cost of goods sold statement.

Beginning finished goods inventoryCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goods inventoryCost of goods manufactured	$Cost of goods manufactured
Add: Beginning finished goods inventoryAdd: Cost of goods available for saleAdd: Cost of goods manufacturedAdd: Cost of goods soldAdd: Ending finished goods inventoryAdd: Beginning finished goods inventory	Add: Beginning finished goods inventory
Beginning finished goods inventoryCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goods inventoryCost of goods available for sale	$Cost of goods available for sale
Less: Beginning finished goods inventoryLess: Cost of goods available for saleLess: Cost of goods manufacturedLess: Cost of goods soldLess: Ending finished goods inventoryLess: Ending finished goods inventory	Less: Ending finished goods inventory
Cost of goods sold