Managerial Accounting

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]