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.$)$prepare a statement of cost of goods manufactured for $2010.($Hint: Prepare an analysis of changes in Finished Goods Inventory.$)$

Do not use negative signs with any of your answers below.

$\backslash$table$[[\backslash$table$[[$NuWay Products Company$],[$tatement of Cost of Goods Manufactured$],[$For the Year Ending December $31,2010]]],[$Current manufacturing costs:,$],[$Direct materials,$