Prepare Statements for a Manufacturing Company

The following balances are from the accounts of Hill Components:

Cost Concepts and Behavior

Direct materials inventory ............... Work-in-process inventory .............. Finished goods inventory................

January 1 (Beginning)

$48,100 67,730 15,600

December 31 (Ending)

$44,200 71,500 18,200

Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.

Required

Find the following by completing a cost of goods sold statement:

1. Cost of direct materials purchased during the year.
2. Cost of goods manufactured during the year.
3. Total manufacturing costs incurred during the year.