Ryan's Lazer Lighting Inc. produces lamps. During 2019, the company incurred the following costs: Factory rent$80,000 Direct labor used 425,000 Factory utilities 50,000 Direct materials purchases 600,000 Indirect materials 150,000 Indirect labor 90,000 Inventories for the year were: January 1December 31Direct materials$100,000 $75,000 Work in process 20,000 10,000 Finished goods 250,000 215,000 Required:Prepare a cost of goods manufactured and sold statement.
What will be an ideal response?
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