Thomson Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year:
Direct labor cost ………………………………………..$371,500
Purchases of direct materials …………………………… 160,400
Freight in on materials ………………………………… 1,000
Factory supplies used ………………………………….. 37,800
Factory utilities ………………………………………… 46,000
Commissions paid ……………………………………… 80,000
Factory supervision and indirect labor ………………… 190,000
Advertising ……………………………………………. 23,900
Material handling ……………………………………… 26,750
Work in process inventory, January 1 …………………. 201,000
Work in process inventory, December 31 ……………… 98,000
Direct materials inventory, January 1 …………………. 47,000
Direct materials inventory, December 31 ……………… 17,000
Finished goods inventory, January 1 …………………… 28,000
Finished goods inventory, December 31 ………………. 45,200
Required:
1. Prepare a cost of goods manufactured statement.
2. Prepare a cost of goods sold statement.