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Problem - Donahoo Manufacturing Company had the following information available for the year:
Direct materials used
$44,000
Direct labor costs incurred
$7,700
Indirect labor costs incurred
$3,030
Depreciation Expense on factory building
$19,000
Depreciation Expense on factory machines
$100,000
Insurance Expense on factory building
$1,200
Depreciation Expense on office equipment
$12,000
Insurance expense on corporate office
$1,300
Supplies Expense for factory
$5,000
Utilities Expense for factory
$2,000
Wages Expense for factory janitors
Lease Expense for factory computers
$10,000
Finished Goods Inventory, end of year
$32,000
Finished Goods Inventory, beginning of year
Work-In-Process Inventories and Raw Materials Inventories were negligible at the beginning.
Required -
A) Compute the Cost of Goods Manufactured for the year.
B) Compute the Cost of Goods Sold for the year.
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