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accounts-NuWay Products Company




Question;Manufactured from Percent RelationshipsInformation about NuWay Products Company for the year ending December 31,2010, follows:* Sales equal $550,000.* Direct materials used total $70,000.* 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 ananalysis ofchanges in Finished Goods Inventory.)NuWay Products CompanyStatement of Cost of Goods ManufacturedFor the Year Ending December 31, 2010Current manufacturing costs:Direct Materials$70,000Direct LaborManufacturing overheadBeginning work in process$-$-Total costs in processEnding work in processCost of goods manufacturedAnalysis of Finished GoodsInventoryFinish goods, 1/1/10Total goods available for saleFinish goods, 12/31/10Cost of goods sold


Paper#40318 | Written in 18-Jul-2015

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