Cost of goods sold, cost of goods manufactured
Swain Company has the following information for January:
|
Cost of direct materials used in production |
$12,000 |
|
Direct labor |
31,000 |
|
Factory overhead |
20,000 |
|
Work in process inventory, January 1 |
50,000 |
|
Work in process inventory, January 31 |
53,000 |
|
Finished goods inventory, January 1 |
21,000 |
|
Finished goods inventory, January 31 |
24,000 |
For January, determine (a) the cost of goods manufactured and (b) the cost of goods sold.