Reference no: EM133042977
Problem - Hokie Industries, producers of various types of carrying cases (phone. computer, luggage) from sustainable products, reported the following information for May, 2020:
Beginning balance, Raw Materials Inventory $518,200
Beginning balance, Work in process Inventory 903,000
Beginning balance, Finished Goods Inventory 346,000
Purchases of raw materials 518,000
Direct labor payroll 362,000
Factory electricity 237,200
Depreciation on factory equipment 235,300
Insurance on factory building 182,000
Indirect materials used in production 98,400
Indirect labor payroll 359,600
Ending balance, Raw Materials Inventory 477,200
Ending balance, Work in process inventory 308,100
Ending Balance, Finished goods inventory 510,600
Required -
1. Find Cost of Goods Manufactured?
2. Find Cost of Goods Sold?