Statement of Costs of Goods Manufactured The following data have been collected for a manufacturing company for the year ending December 31, 20XX:

Required:
Prepare a statement of costs of goods manufactured for the year ending December 31, \(20 \mathrm{XX}\).

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January 1, 20XX $ 40,000 December 31, 20XX $45,000 Inventories Raw materials Work-in-process Finished goods.. Other items recorded during the year: Purchases of raw materials. Factory overhead costs......... Cost of goods sold 20,000 60,000 . $120,000 80,000 400,000 15,000 50,000