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Portland Manufacturing had the following data for the period just ended: Work in process, Jan. 1 $ 28,500 Work in process, Dec. 31 42,000 Finished
Portland Manufacturing had the following data for the period just ended:
| Work in process, Jan. 1 | $ | 28,500 | |
| Work in process, Dec. 31 | 42,000 | ||
| Finished goods, Jan. 1 | 88,000 | ||
| Finished goods, Dec. 31 | 70,000 | ||
| Direct materials used | 137,000 | ||
| Direct labor | 335,000 | ||
| Factory depreciation | 77,000 | ||
| Sales | 985,000 | ||
| Advertising expense | 67,000 | ||
| Factory utilities | 33,500 | ||
| Indirect materials | 32,000 | ||
| Indirect labor | 47,000 | ||
Required: A. Calculate Portlands cost of goods manufactured. B. Calculate Portlands cost of goods sold.
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