Craig Corporation incurred the following costs while manufacturing its product.

Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January 1 and $55,600 at December 31.Instructions(a) Compute cost of goods manufactured.(b) Compute cost of goods sold.

Transcribed Image Text:

Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $100,000 60,000 7,500 110,000 23,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,000 14,000 21,000 35,000