Cost of Goods Manufactured and Sold Jordan Company produces women’s clothing. During 2010, the company incurred the following costs:
Factory rent | $425,000 |
Direct labor | 325,000 |
Utilities—Factory | 35,000 |
Purchases of direct materials | 625,000 |
Indirect materials | 70,000 |
Indirect labor | 80,000 |
Inventories for the year were as follows:
| January 1 | December 31 |
Direct materials | $30,000 | $50,000 |
Work in process | 60,000 | 25,000 |
Finished goods | 115,000 | 95,000 |
Required
1. Prepare a statement of cost of goods manufactured.
2. Calculate cost of goods sold.
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