F#18

Compute the Cost of Goods Manufactured and Cost of Goods Sold for

Clear Bay

Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials.

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Start the calculation for cost of goods manufactured by calculating the direct materials used.

Clear Bay Company
Calculation of Direct Materials Used
For Current Year
Plus:
Less:
Direct materials used

Calculate the cost of goods manufactured.

Clear Bay Company
Calculation of Cost of Goods Manufactured
For Current Year
Plus:	Manufacturing costs incurred
Less:
Cost of goods manufactured

Now calculate the cost of goods sold.

Clear Bay Company
Calculation of Cost of Goods Sold
For Current Year
Plus:
Less:
Cost of goods sold

Data table

Dialog content starts

	Beginning of Year	End of Year		End of Year
Raw materials inventory. . . . . . . .	$29,000	$30,000	Insurance on plant. . . . . . . . . . . . . . . . . . . . . . .	$10,000
Work in process inventory. . . . . .	$38,000	$36,000	Depreciation-plant building and equipment. . . .	$13,200
Finished goods inventory. . . . . . . .	$16,000	$20,000	Repairs and maintenance-plant. . . . . . . . . . . . .	$4,400
Purchases of direct materials. . . .		$79,000	Marketing expenses. . . . . . . . . . . . . . . . . . .	$76,000
Direct labor. . . . . . . . . . . . . . . .		$81,000	General and administrative expenses. . . . . . . .	$29,500
Indirect labor. . . . . . . . . . . . . . . . . .		$44,000