Question 8

The following costs were incurred by a manufacturing company:

Materials used in product		$121,700
Depreciation on plant		6,500
Property taxes on plant		920
Labour costs of assembly-line workers		150,500
Factory supplies used		2,800
Advertising expense		5,200
Factory insurance		21,500
Factory supervisors salary		50,250

Work in process inventory was $5,100 at January 1 and $6,300 at December 31. Finished goods inventory was $30,700 at January 1 and $30,400 at December 31.

Find cost of manufactured goods and cost of goods sold