Statement of Cost of Goods Manufactured from Percent Relationships

Information about NuWay Products Company for the year ending December $31,2010,$ follows:

Sales equal $$400,000.$

Direct materials used total $$58,000.$

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.$)$

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

NuWay Products Company

Statement of Cost of Goods Manufactured

For the Year Ending December $31,2010$

$\backslash$table$[[$Current manufacturing costs:,,$],[$Direct materials,$$,],[$Direct labor,,$],[$Manufacturing overhead,,$],[$Beginning work$-$in$-$process,,$],[$Total costs in process,,$],[$Ending work$-$in$-$process,,$],[$Cost of goods manufactured,,$],[$Analysis of Finished Goods Inventory:,,$],[$Finished goods, $1/1/10,,],[$Cost of goods manufactured,,$],[$Total goods available for sale,,$],[$Finished goods, $12/31/10,,],[$Cost of goods sold,,$]]$