Question
Thompson Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor costs 495,900 Purchases of
Thompson Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor costs 495,900 Purchases of direct materials 378,890 Freight-in on materials 7,500 Factory supplies used 18,500 Factory utilities 54,000 Commissions paid 78,983 Factory supervision and indirect labor 165,000 Advertising 145,600 Material handling 16,900 Work in process inventory, January 1 201,000 Work in process inventory, December 31 117,400 Direct materials inventory, January 1 37,200 Direct materials inventory, December 31 34,600 Finished goods inventory, January 1 59,200 Finished goods inventory, December 31 62,700 Required: 1. Prepare a cost of goods manufactured statement 2. Prepare a cost of goods sold statement
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