Prepare a cost of goods sold statement for lucero company

Reference no: EM13901163

COST OF GOODS MANUFACTURED AND SOLD

Lucero Company, a manufacturing firm, has supplied the following information from its accounting records for the past calendar year:

Direct labour cost                                                        $206,780
Purchases of direct materials                                         160,400
Freight-in on materials                                                  830
Factory supplies used                                                   37,800
Factory utilities                                                            46,000
Commissions paid                                                        47,562
Factory supervision and indirect labour                           190,000
Advertising                                                                  145,600
Materials handling                                                         26,750
Work-in-process inventory, January 1                            201,000
Work-in-process inventory, December 31                       98,000
Direct materials inventory, January 1                              47,000
Direct materials inventory, December 31                         17,000
Finished goods inventory, January 1                               18,000
Finished goods inventory, December 31                          62,700

Required:

1. Prepare a cost of goods manufactured statement.

2. Prepare a cost of goods sold statement.

Reference no: EM13901163

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