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.)

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
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