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Compute the cost of goods manufactured and COGS

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Compute the cost of goods manufactured and cost of goods sold?
In its first year of operations, Gilmore manufacturing company purchased $44,000 of direct materials and incurred $7,600 of direct labor costs during the year. Indirect labor amounted to $3,000 while indirect materials totaled $5,200. Factory depreciation totaled $18,800.Selling expenses were $15,400. The only inventory was $10,500 of finished goods at year-end.

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Solution Summary

Your tutorial is attached in Excel and shows you how to arrange the data to get the needed amounts.

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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