thomson company a manufacturing firm has supplied the followin 273881

Thomson Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year:

Direct labor cost ………………………………………..$371,500

Purchases of direct materials …………………………… 160,400

Freight in on materials ………………………………… 1,000

Factory supplies used ………………………………….. 37,800

Factory utilities ………………………………………… 46,000

Commissions paid ……………………………………… 80,000

Factory supervision and indirect labor ………………… 190,000

Advertising ……………………………………………. 23,900

Material handling ……………………………………… 26,750

Work in process inventory, January 1 …………………. 201,000

Work in process inventory, December 31 ……………… 98,000

Direct materials inventory, January 1 …………………. 47,000

Direct materials inventory, December 31 ……………… 17,000

Finished goods inventory, January 1 …………………… 28,000

Finished goods inventory, December 31 ………………. 45,200

Required:

1. Prepare a cost of goods manufactured statement.

2. Prepare a cost of goods sold statement.