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Determine a statement of cost of goods manufactured

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Reference no: EM132803140

Statement of Cost of Goods Manufactured from Percent Relationships

Information about Blue Line Products Company for the year ending Dec 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

Problem A). Determine a statement of Cost of Goods manufactured for 2017. (Hint: determine an analysis of changes in Finished Goods Inventory.)

Reference no: EM132803140

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