I need help solving the following question in Accounting. Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the year ending December 31, 2014, follows: Sales equal $525,000. Direct materials used total 72,000. 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 2014. (Hint: Prepare an analysis of changes in Finished Goods Inventory.) Current manufacturing costs: Direct materials $Answer 1.00 points out of 1.00 Direct labor Answer 0.00 points out of 1.00 Manufacturing overhead Answer 0.00 points out of 1.00 $Answer 0.00 points out of 1.00 Beginning work-in-process Answer 1.00 points out of 1.00 Total costs in process Answer 0.00 points out of 1.00 Ending work-in-process Answer 1.00 points out of 1.00 Cost of goods manufactured $Answer 0.00 points out of 1.00 Analysis of Finished Goods Inventory: Finished goods, 1/1/14 $Answer 0.00 points out of 1.00 Cost of goods manufactured Answer 0.00 points out of 1.00 Total goods available for sale Answer 0.00 points out of 1.00 Finished goods, 12/31/14 Answer 0.00 points out of 1.00 Cost of goods sold $ Answer 0.00 points out of 1.00
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I need help solving the following question in Accounting. Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay
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