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

• Sales equal $580,000.

• Direct materials used total $105,000.

• Manufacturing overhead is 200% of direct labor dollars.

• The beginning inventory of finished goods is 25% of the cost of goods sold.

• The ending inventory of finished goods is 1.5 times beginning inventory.

• The gross profit is 20% of sales.

• There is no beginning or ending work-in-process.

Required

Prepare a statement of cost of goods manufactured for the year.

(Hint: Prepare an analysis of changes in Finished Goods Inventory.)