January 1, 2018 December 31, 2018

Inventories:

Raw materials $15,500 $11,000

Work in process 22,000 31,000

Finished Goods 8,500 12,500

Costs incurred:

Raw materials purchases $72,000

Direct Labor 42,000

Property Taxes - Factory 24,000

Office rent 8,000

Factory utilities 4,000

Indirect materials 7,000

Indirect labor 5,000

Prepare a schedule of cost of goods manufactured for the year ended December 31, 2018.

Prepare a schedule of cost of goods sold for the year ended December 31, 2018.