Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the year ending December 31, 2010, follows:

Sales equal $500,000.

Direct materials used total $51,000.

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 2010. (Hint: Prepare an analysis of changes in Finished Goods Inventory.)

NuWay Products Company Statement of Cost of Goods Manufactured For the Year Ending December 31, 2010 Current manufacturing costs:

Direct materials $Answer

Direct labor Answer

Manufacturing overhead Answer

Beginning work-in-process Answer

Total costs in process Answer

Ending work-in-process Answer

Cost of goods manufactured $Answer

Analysis of Finished Goods Inventory:

Finished goods, 1/1/10 $Answer

Cost of goods manufactured Answer

Total goods available for sale Answer

Finished goods, 12/31/10 Answer

Cost of goods sold $Answer Check