PROBLEM 2-3 COST OF GOODS MANUFACTURED AND SOLD STATEMENT AND NET INCOME OR LOSS The Parrish Fertilizer Company produces various types of fertilizer. No beginning units in process or finished units were on hand on January 1, 1973; 30,000 finished units were on hand on December 31, 19X3, and 95,000 units were sold during the year. There were no units in work-in-process inventory on December 31, 1983. The materials put into produc. tion cost $300,000; 75% were direct materials. There was no beginning or ending materials inventory. Labor costs were $350,000; 40% was for indirect labor. Factory overhead costs, other than indirect materials and indirect labor, were the following: Heat, light and power $115,000 Depreciation.... 78,000 Property taxes 65,000 Repairs and maintenance..... 42,000 18 OS Selling expenses were $80,000; general and administrative expenses were $50,000. Required: Compute the following: A Cost of goods manufactured d Prime costs b Total cost e Conversion costs c Unit cost f Period costs