Problem #2 - Cost of Goods Sold

The following information is available for the Norte Company for the month of August.

InventoriesBeginningEnding

Raw MaterialP 18,500P I2,500

Work in Process41,10018,500Finished Goods29,50015,500

Raw Material PurchasesP220,000

Indirect Labor21,200

Factory Supplies Used1,000 Other Expenses:

Depr.-Factory Equipment10,300

Utilities-Factory5,000

Insurance-Office25,500

Office Supplies Expense1,900

Insurance-Factory10,000

Depr. Office Equipment5,000

Repair/Maintenance-Factory7,000

Utilities-Sales1,500

Direct Labor315,000

Required:

1.Determine the total manufacturing cost

2.Cost of goods manufactured,

3.Cost of goods sold.