Reference no: EM132684389

Problem - 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

Required -

a. For January, determine the cost of goods manufactured.

b. For January, determine the cost of goods sold.