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Question

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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 neet Aasume nat Rew Miderist Inventory contains only direct materials.

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Start the calculation for cost of goods manulactured by calculating the direct materials used.

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Strike Marine Company

Calculation of Direct Materials Used

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For Current Year

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Direct materials used $$Data

Data

$\backslash$table$[[,$Beginning of Year,,,,End of Year$],[$Raw materials inventory,$$,22,000,$$$,30,000,$Insurance on plant,$$,11,500],[$Work in process inventory,$$,39,000,$$$,28,000,$Depreciation$-$plant building and equipment,$$,12,800],[$Finished goods inventory,$$,21,000,$$$,27,000,$Repairs and maintenance$-$plant,$$,4,100],[$Purchases of direct materials,,,$$,70,000,$Marketing expenses,$$,78,000],[$Direct labor. $.................,,,$$$,85,000,$General and administrative expenses,$$,25\mathrm{.}500],[$Indirect labor. $..............,,,$$$,37,000,,,]]$

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