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Question - Sad Company has determined the following information for the year ended December 31, 2010:

Direct labor $16,840

Direct material used 16,300

General and administrative expenses 14,240

Indirect production costs 16,780

Selling expenses 13,599

Work in process inventory, January 1, 2010 0

Work in process inventory, December 31, 2010 0

Finished goods inventory, January 1, 2010 0

Finished goods inventory, December 31, 2010?

Cost of goods sold 42,720

Requirements:

A) What is the Cost of Goods Manufactured for the year ended December 31, 2010?

B) What is Finished Goods Inventory at December 31, 2010?

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