TOM CORPORATION

COST OF GOODS MANUFACTURED AND COST OF GOODS SOLD

December 31, 2021
2021
Direct labor
Labor costs of assembly-line workers 110,000
Direct Material
Material used in production 120,000
Manufacturing Overhead:
Depreciation on plant 60,000
Property taxes on plant 19,000
Factory Supplies used 25,000
Total Overhead Costs 104,000
Total Manufacturing Costs 334,000

1 Work in process inventory, beginning 10,000

add: Total manufacturing costs 334,000
Total goods put in to process 344,000
Less: Work in process inventory, ending 14,000
Cost of Goods Manufactured 330,000

2 Finished goods inventory, beg 60,500

add: Costs of goods manufactured 330,000
Total cost of goods available for sale 390,500
Less: Finished goods inventory, ending 56,000
Total Cost of goods sold 334,500