Reference no: EM132644714

COMPUTING COST OF GOODS MANUFACTURED AND COST OF GOODS SOLD.  The following are account balances relating to 2019 (in thousands):

Property tax on plant building                                        $ 3,800

Marketing, distribution, and customer-service costs             44,400

Finished goods inventory, January 1, 2019                         32,400

Plant utilities                                                                 20,400

Work-in-process inventory, December 31, 2019                    31,200

Depreciation of plant building                                           10,800

General and administrative costs (nonplant)                        51,600

Direct materials used                                                       104,400

Finished goods inventory, December 31, 2019                        40,800

Depreciation of plant equipment                                          13,200

Plant repairs and maintenance                                          19,200

Work-in-process inventory, January 1, 2019                          24,000

Direct manufacturing labour                                            40,800

Indirect manufacturing labour                                              27,600

Indirect materials used                                                  13,200

Miscellaneous plant overhead                                           5,800

Required

Problem 1: Compute cost of goods manufactured and cost of goods sold.