Ryan's Lazer Lighting Inc Inventories for the Year Were Required:
Prepare a Cost of Goods Manufactured and Sold Statement

Essay

Ryan's Lazer Lighting Inc. produces lamps. During 2019, the company incurred the following costs:
$$\begin{array} { l r } \text { Factory rent } & \$ 80,000 \\\text { Direct labor used } & 425,000 \\\text { Factory utilities } & 50,000 \\\text { Direct materials purchases } & 600,000 \\\text { Indirect materials } & 150,000 \\\text { Indirect labor } & 90,000\end{array}$$
Inventories for the year were:
$\begin{array}{lrr}&\text {January 1}&\text {December 3}\\\text { Direct materials } & \$ 100,000 & \$ 75,000 \\\text { Work in process } & 20,000 & 10,000 \\\text { Finished goods } & 250,000 & 215,000\end{array}$
Required:
Prepare a cost of goods manufactured and sold statement.