XYZ corporation is manufacturing and craft gifts. The company is preparing the end of year income statement. based on the following information for December

1. Calculate the cost of goods manufactured. (2 Marks) 2. Compute the cost of goods sold. (2 Marks) Work in process December 31 97500 125000 Finished goods inventory, December 1 Finished goods Inventory, December 31 Cost of materials placed in production 115000 345000 Direct labor 135000 Factory overhead 170000 Work in process, December 1 75000 Paragraph B / 6E