Dave's Lighting Inc $\text { Inventories for the year were: }$

Essay

Dave's Lighting Inc. produces lamps for the construction industry. During the year, the company incurred the following costs: $\begin{array}{lr}\text { Factory Rent } & \$80,000 \\\text { Direct labor used } & 425,000 \\\text { Factory utilities } & 50,000 \\\text { Direct materials purchases } & 600,000 \\\text { Indirect materials } & 150,000 \\\text { Indirect labor } & 90,000\end{array}$
$\text { Inventories for the year were: }$

$\begin{array}{lrr}&\text { January } 1&\text { December } 31\\\text { Direct materials }&\$100,000&\$75,000\\\text { Work in process } & 20,000 & 10,000 \\\text { Finished goods } & 250,000 & 215,000\end{array}$ Required:
Prepare a statement of cost of goods manufactured and a statement of cost of goods sold.