Steve Surface makes stainless steel containers used by medical laboratories and other institutions that handle biohazards. Steve has provided you with the following data from the most recent year of operations:
Beginning balance in raw materials inventory............................... $14,000
Beginning balance in work-in-process........................................ $28,200
Beginning balance in finished goods ...........................................$8,200
Purchases of raw materials .....................................................$86,450
Payments for direct labor ......................................................$134,500
Factory overhead charged to products ........................................$67,250
Ending balance in raw materials inventory ...................................$13,750
Ending balance in work-in-process............................................ $25,400
Ending balance in finished goods ..............................................$10,300
Required:
a. What is Steve's cost of goods manufactured for the year?
b. What is Steve's cost of goods sold for the year?