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I need help solving the following question in Accounting. Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the
I need help solving the following question in Accounting.
Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the year ending December 31, 2014, follows:
- Sales equal $525,000.
- Direct materials used total 72,000.
- Manufacturing overhead is 150 percent of direct labor dollars.
- The beginning inventory of finished goods is 20 percent of the cost of goods sold.
- The ending inventory of finished goods is twice the beginning inventory.
- The gross profit is 20 percent of sales.
- There is no beginning or ending work-in-process.
Prepare a statement of cost of goods manufactured for 2014. (Hint: Prepare an analysis of changes in Finished Goods Inventory.)
Current manufacturing costs: | ||
Direct materials | $Answer 1.00 points out of 1.00 | |
Direct labor | Answer 0.00 points out of 1.00 | |
Manufacturing overhead | Answer 0.00 points out of 1.00 | $Answer 0.00 points out of 1.00 |
Beginning work-in-process | Answer 1.00 points out of 1.00 | |
Total costs in process | Answer 0.00 points out of 1.00 | |
Ending work-in-process | Answer 1.00 points out of 1.00 | |
Cost of goods manufactured | $Answer 0.00 points out of 1.00 | |
Analysis of Finished Goods Inventory: | ||
Finished goods, 1/1/14 | $Answer 0.00 points out of 1.00 | |
Cost of goods manufactured | Answer 0.00 points out of 1.00 | |
Total goods available for sale | Answer 0.00 points out of 1.00 | |
Finished goods, 12/31/14 | Answer 0.00 points out of 1.00 | |
Cost of goods sold | $ Answer0.00 points out of 1.00 |
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