Question: Glasson Manufacturing Co produces only one product You have obtained

Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporation's books and records for the current year ended December 31, 2016:
a. Total manufacturing cost during the year was $1,000,000, including direct materials, direct labor, and factory overhead.
b. Cost of goods manufactured during the year was $970,000.
c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost.
d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31.
e. Material purchases were $400,000 and the ending balance in Materials inventory was $60,000. No indirect materials were used in production.
Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing.

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