2024 – Information about NuWay Products Company for the year ending December 31 2010
Managerial Accounting – 2024
2024 – Information about NuWay Products Company for the year ending December 31 2010.
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.)
| NuWay Products Company Statement of Cost of Goods Manufactured For the Year Ending December 31, 2010 |
||
|---|---|---|
| Current manufacturing costs: | ||
| Direct materials | $[removed] |
|
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