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Problem 2

The following cost and inventory data were taken from the records of the Beca Company for the year 2020: Costs incurred: Depreciation, factory equipment Depreciation, office equipment Supplies, factory Maintenance, factory equipment Utilities, factory Sales commissions Indirect labor Rent, factory building Purchases of direct materials (net) Direct labor cost Advertising expense 30,000 7,000 1,500 20,000 8,000 30,000 54,500 70,000 124,000 80,000 90,000 Inventories: Direct Materials Work in Process Finished goods January 1, 2020 December 31,2020 9,000 11,000 6,000 21,000 69,000 24,000 Required: (a) Compute the cost of goods manufactured for 2020. (b) Prepare a cost of goods sold statement for 2020