The Wooden Chair Group has the following sales and cost data for the year ending 2022: Inventories: Raw Materials Work in Progress Finished Goods Materials Purchased - Lumber Materials Purchased - Screws and Glue Wages-Carpenters Wages - Supervisor Wages - Custodian Depreciation - Power Saws Factory Utilities Insurance on Factory Factory Real Estate Taxes Beginning 6,000 1,000 4,000 Sales Commissions Salespersons Cell Phones Sales - Delivery CEO Salary Depreciation - Administrative Equipment Copy Paper Administrative Assistant Ending 7,000 3,000 8,000 24,000 2,000 36,000 9,000 5,000 15,000 1,200 2,400 3,600 22,000 8,600 4,200 38,000 7,500 2,500 6,200 320,000 Revenue Prepare an Income Statement including Cost of Goods Manufactured.

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.