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Cost of Goods Manufactured and Sold 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. Anglin Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Beginning inventory $ 37,200 Add: Purchases 378,890 Add: Freight-in on materials 7,500 Materials available $ 423,590 Less: Ending inventory 34,600 Direct materials used in production $ 388,990 Direct labor 495,900 Manufacturing overhead: Factory supplies $ 18,500 Factory utilities 54,000 Factory supervision and indirect labor 165,000 Materials handling 16,900 Total overhead costs 254,400 Total manufacturing costs added $ Add: Beginning work in process 201,000 Less: Ending work in process 117,400 Cost of goods manufactured $ 2. Prepare a cost of goods sold statement. Anglin Company Statement of Cost of Goods Sold For the Year Ended December 31 Cost of goods manufactured $ Add: Beginning finished goods inventory Cost of goods available for sale $ Less: Ending finished goods inventory Cost of goods sold $

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