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

Blue SeaBlue Sea

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.

Blue Sea Company
Calculation of Direct Materials Used
For Current Year
Plus:
Less:
Direct materials used

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Data Table

	Beginning		End of			End of
	of Year		Year			Year
Raw materials inventory. . . . . . . .	$23,000		$26,000		Insurance on plant. . . . . . . . . . . . . . . . . . . . . . . .	$8,500
Work in process inventory. . . . . .	$37,000		$35,000		Depreciation-plant building and equipment. . . .	$12,700
Finished goods inventory. . . . . . .	$21,000		$29,000		Repairs and maintenance-plant. . . . . . . . . . . . .	$4,100
Purchases of direct materials. . . .			$75,000		Marketing expenses. . . . . . . . . . . . . . . . . . . .	$76,000
Direct labor. . . . . . . . . . . . . . . .			$86,000		General and administrative expenses. . . . . . . . .	$25,500
Indirect labor. . . . . . . . . . . . . . . . .			$38,000