Question $16$: Flow of Manufacturing Costs

XYZ Company manufactures and distributes only one type of product. The company was recently established in $20$X$1,$ and it produced a total of $2000$ units in this year. The manufacturing cost is as follows:

Raw material

Baht

Direct labor

Manufacturing overhead

$50,000$

Additional data for the year$20$X$1$:

The company finished $1,800$ units of products. There are $200$ units of unfinished products still pending.

When inspecting the unfinished goods, it is found to consist of raw material costs of $10,000$ Baht, direct labor costs of $8,000$ Baht, and factory overhead costs of $12,000$ Baht.

The company sold $1,000$ units of products.

Additional data for the year$20$X$2$:

Operations in collecting information resulted as follows:

Raw materials purchased $...........................$ Baht $48,000$

Direct labor $60,000$

Manufacturing overhead $70,000$

In the second year, the production operation resulted in $2,400$ units of finished goods. At the end of the period, an inventory count revealed the following remaining items:

Raw materials

$8,000$ Baht

Work in process $(300$ units$).$

$32,000$ Baht

Finished goods

$200$ units

The company utilizes the LIFO system for inventory counting and recording.

Required:

Calculate the following:

$(1)$ Cost of goods manufactured during the year $201.$

$(2)$ Cost of goods sold during the year $20$x$1.$

$(3)$ Cost of goods sold during the year $202.$

$(4)$ Inventory balance at the end of the year $202.$

$(5)$ Prepare a statement of cost of goods manufactured for the year $202.$