QUESTION: PREPARE A STATEMENT OF COST OF GOODS MANUFACTURED FOR THE YEAR ENEDED OCTOBER 31.

Jackplum Vineyards, whose fiscal year begins on November 1, has just completed a record breaking year producing and selling wine. Its inventory account balances on October 31 of this year were Materials Inventory $83,800: Work in process inventory, $2,700,500: and finished goods inventory, $1,800,200.

At the beginning of the year the inventory account balances were materials inventory $56,200: work in process inventory, $3,300,000: and finished goods inventory, $1,596,400.

During the fiscal year, the companys purchases of direct materials totaled $750,000. Direct labor hours totaled 140,000, and the average labor rate was $11.pp per hour. The following overhead costs were included during the year:

Depreciation- plant and equipment $85,600

Indirect labor $207,00

Property tax- plant and equipment $96,000

Plant maintenance $80,000

Small tools $42,400

Utilities $96,500

Employee benefits $176,100