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Compute the cost of goods manufactured and cost of goods sold for Strike Marine Company for the most recent year using the amounts described below. Assume that raw materials inventory contains only direct materials.
Beginning of Year
End of Year
Raw materials inventory
$25,000
$28,000
Insurance on plant
$ 9,000
Work in process inventory
50,000
35,000
Depreciation-plant building and equipment
13,000
Finished goods inventory
18,000
25,000
Repairs and maintenance plant
4,000
Purchase of direct materials
78,000
Marketing expenses
77,000
Direct Labor
82,000
General and administrative expenses
29,000
Indirect labor
15,000
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Statements of Financial Accounting Standards
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