Reference no: EM133185937
Question - Lovely Inc. reported the following data for last year ended December 31, 2022:
Work in process inventory, ending $350
Finished goods inventory, beginning 300
Maintenance, factory 200
Direct labour cost 500
Selling salaries 375
Direct materials cost 800
Work in process inventory, beginning 200
Depreciation, factory 350
Depreciation, sales equipment 150
Finished goods inventory, ending 400
Required -
1) Prepare a Schedule of Cost of Goods Manufactured, in good form, for last year.
2) Calculate the cost of goods sold.