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Question
Information for Maxim Manufacturing is presented below. Compute both the cost of goods manufactured and the cost of goods sold for Maxim Manufacturing.| Beginning raw materials inventory | $36,800 |
| Beginning work in process inventory | 21,200 |
| Direct labor | 81,000 |
| Beginning finished goods inventory | 64,000 |
| Total factory overhead | 126,000 |
| Raw materials purchased | 21,500 |
| Ending raw materials inventory | 40,000 |
| Ending work in process inventory | 20,000 |
| Ending finished goods inventory | 46,000 |
Answer
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