Nantahala Company has the following information for August:
|
Cost of direct materials used in production |
$30,000 |
|
Direct labor |
45,000 |
|
Factory overhead |
22,000 |
|
Work in process inventory, August 1 |
10,000 |
|
Work in process inventory, August 31 |
8,000 |
|
Finished goods inventory, August 1 |
18,000 |
|
Finished goods inventory, August 31 |
10,000 |
For August, determine (a) the cost of goods manufactured and (b) the cost of goods sold.