Question

.4. Macondo Company, a manufacturer firm, has supplied the following information from its accounting records for...

.4. Macondo Company, a manufacturer firm, has supplied the following information from its accounting records for the year 2019 (in thousands dollars):

Work-in-process inventory, December 31, 2018………………. 12,500

Work-in-process inventory, December 31, 2019………    …… 14,250

Direct labor cost ………………………………………………. 10,500

Purchase of raw materials……………………………………….15,000

Supplies used …………………………………………………….    675

Materials inventory, December 31, 2018…………………………3,475

Materials inventory, December 31, 2019 ……………………….. 9,500

Factory Insurance Expense………………………………………   350

Commissions Expenses …………………………………………   2,500

Factory supervision Expense…………………………………         2,225

Advertising Expense………………………………………………   800

Finished Goods inventory, December 31, 2018 ………………… 6.685             

Finished Goods inventory, December 31, 2019 ………………… 4.250

Material handling Expenses …………………………………….. 3,745             

Required:

1. Prepare a statement of Cost of Goods Manufactured.

2.  Prepare a statement of Cost of Goods Sold.

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