Costs R Us Company Costs of Goods Manufactured For the Year Ended December 31, 2019 Work in Process Inventory, January 1$22,000 Direct Materials: Raw Materials Inventory, January 1$13,000 Purchases148,000 Materials Available for Use161,000 Less: Raw Materials, December 319,000 Direct Materials Used$152,000 Direct Labor73,000 Overhead: Indirect labor49,000 Equipment maintenance11,000 Factory Insurance14,000 Factory rent19,000 Equipment depreciation18,000 Total overhead111,000 Total manufacturing costs336,000 Total costs of work in process358,000 Less: Work in process, December 3125,000 Cost of Goods Manufactured$333,000
Costs R Us Company Costs of Goods Sold For the Year Ended: December 31, 2019 Finished goods inventory, January 1$41,000 Costs of goods manufactured333,000 Costs of goods available for sale374,000 Less: Finished goods, December 3139,000 Costs of Goods Sold$335,000
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