Fayetteville Manufacturing Co. produces only one product. You have obtained the following information from the corporation’s books and records for the year ended December 31, 2011:

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, January 1, was 40% of the ending work in process inventory, December 31.

Required:

Prepare a statement of cost of goods manufactured for the year ended December 31 for Fayetteville Manufacturing.