Question: I need help solving the following question in Accounting. Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the

I need help solving the following question in Accounting.

Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the year ending December 31, 2014, follows:

  • Sales equal $525,000.
  • Direct materials used total 72,000.
  • 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 2014. (Hint: Prepare an analysis of changes in Finished Goods Inventory.)

Current manufacturing costs:
Direct materials $Answer 1.00 points out of 1.00
Direct labor Answer 0.00 points out of 1.00
Manufacturing overhead Answer 0.00 points out of 1.00 $Answer 0.00 points out of 1.00
Beginning work-in-process Answer 1.00 points out of 1.00
Total costs in process Answer 0.00 points out of 1.00
Ending work-in-process Answer 1.00 points out of 1.00
Cost of goods manufactured $Answer 0.00 points out of 1.00
Analysis of Finished Goods Inventory:
Finished goods, 1/1/14 $Answer 0.00 points out of 1.00
Cost of goods manufactured Answer 0.00 points out of 1.00
Total goods available for sale Answer 0.00 points out of 1.00
Finished goods, 12/31/14 Answer 0.00 points out of 1.00
Cost of goods sold

$

Answer

0.00 points out of 1.00

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