Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year:
Direct labor cost ............... $495,900
Purchases of direct materials ............ 378,890
Freight-in on materials ............ 7,500
Factory supplies used ................ 18,500
Factory utilities ................ 54,000
Commissions paid ................ 78,983
Factory supervision and indirect labor........... 165,000
Advertising .................... 145,600
Materials handling ................. 16,900
Work-in-process inventory, January 1 ........... 201,000
Work-in-process inventory, December 31 ........ 117,400
Direct materials inventory, January 1 ........... 37,200
Direct materials inventory, December 31 ......... 34,600
Finished goods inventory, January 1 ......... 59,200
Finished goods inventory, December 31 ...... 62,700
Required:
1. Prepare a cost of goods manufactured statement.
2. Prepare a cost of goods sold statement.