Statement of Cost of Goods Manufactured from Percent Relationships Information a

Question

Statement of Cost of Goods Manufactured from Percent Relationships
Information about Blue Line Product Company for the year ending December 31, 2017, follows:

Sales equal $475,000.

Direct materials used total 68,000.

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 2017. (Hint: Prepare an analysis of changes in Finished Goods Inventory.)

Do not use negative signs with any of your answers.  

BLUE LINE PRODUCTS COMPANY          
Statement of Cost of Goods Manufactured
For the Year Ending December 31, 2017 Current manufacturing costs: Direct materials $Answer Direct labor Answer Manufacturing overhead Answer $Answer Beginning work-in-process Answer Total costs in process Answer Ending work-in-process Answer Cost of goods manufactured $Answer Analysis of Finished Goods Inventory: Finished goods, 1/1/17 $Answer Cost of goods manufactured Answer Total goods available for sale Answer Finished goods, 12/31/17 Answer Cost of goods sold $Answer

Explanation / Answer

BLUE LINE PRODUCTS COMPANY           Statement of Cost of Goods Manufactured For the Year Ending December 31, 2017 Current manufacturing costs: Direct materials 68000 Direct labor 155200 Manufacturing overhead 232800 456000 Beginning work-in-process 0 Total costs in process 456000 Ending work-in-process 0 Cost of goods manufactured 456000 Analysis of Finished Goods Inventory: Finished goods, 1/1/17 76000 Cost of goods manufactured 456000 Total goods available for sale 532000 Finished goods, 12/31/17 152000 Cost of goods sold 380000

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