Finished goods inventory, Feb. 1 Tom Company, a manufacturing firm, has supplied the following information from its accounting records for the month of February: Finished goods inventory, Feb. 28 $ 2,250 Work-in-process inventory, Feb. 1 3,750 4,200 Work-in-process inventory, Feb. 28 2,750 Direct Materials inventory, Feb. 1 3,500 Direct Materials inventory, Feb. 28 5,100 Factory maintenance 18,000 Administrative costs 6,500 Depreciation on factory building 17,000 Depreciation on office furniture 12,000 Salary of company president 6,000 Sales 150,000 Factory janitorial costs 5,000 4,500 Advertising 22,000 Direct labour cost 7,000 Wages of office staff 10,000 Purchases of direct materials Required: Prepare a statement of cost of goods manufactured. Label your work. Abbreviations are acceptable. (9 marks) Question 2 Solution