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E16-21 Flow of costs through a manufacturer’s

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E16-21 Flow of costs through a manufacturer’s inventory accounts [15–20 min]
Consider the following data for a manufacturer:

Direct materials inventory . . . . $29,000 $32,000
Work in process inventory . . . . 44,000 37,000
Finished goods inventory . . . . . 19,000 24,000
Purchases of direct materials . . .            77,000
Direct labor . . . . . . . . . . . . . . .              87,000
Manufacturing overhead . . . . .              45,000

Requirement
1. Compute cost of goods manufactured and cost of goods sold.

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