PROBLEM M1.6 Cost of Goods Manufactured and Sold The following information comes from the accounting records of a manufacturing organisation Direct labour cost Purchases of raw materials Supplies used Factory insurance Commissions paid Factory supervision Advertising Material handling Beginning work in progress inventory Ending work in progress inventory Beginning raw materials inventory Ending raw materials inventory Beginning finished goods inventory Ending finished goods inventory 13,000 8,000 675 350 2,000 1,230 782 2,745 12,500 14,250 4,000 2,000 5,685 3,250 Required: 1 Prepare a cost of goods manufactured statement 2 Prepare a cost of goods sold statement