Statement of Cost of Goods Manufactured from Percent Relationships

Information about Blue Line Products Company for the year ending Dec 31, 2017 follows:

• sales equal $475,000
• direct materials used total $68,000
• 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

A). Determine a statement of Cost of Goods manufactured for 2017. (Hint: determine an analysis of changes in Finished Goods Inventory.)