An analysis of the accounts of Billings Manufacturing reveals the following data for the month ended October 31, 201X:
Inventories....................... Beginning................... Ending
Raw materials ........................$21,000.................. $22,000
Work-in-process .......................14,500.................... 18,500
Finished goods......................... 17,500................... 16,000
Costs Incurred: Raw materials purchased, $128,000; direct labor, $134,000; manufacturing overhead, $52,500. These specific overheads included indirect labor, $20,500; factory insurance, $8,000; depreciation on machinery, $10,000; machinery repairs, $5,200; factory utilities, $6,300; and miscellaneous factory costs, $2,500.
Instructions:
Prepare a cost of goods manufactured statement.