Gauntlet Company has the following information for January:
|
Cost of direct materials used in production |
$25,000 |
|
Direct labor |
35,000 |
|
Factory overhead |
20,000 |
|
Work in process inventory, January 1 |
30,000 |
|
Work in process inventory, January 31 |
25,000 |
|
Finished goods inventory, January 1 |
15,000 |
|
Finished goods inventory, January 31 |
12,000 |
For January, determine (a) the cost of goods manufactured and (b) the cost of goods sold.