Posted: August 9th, 2016
Cost of Goods Manufactured Statement
Denny Corporation, a manufacturing company, produces a single product. The following information has been taken from the company’s production, sales, and cost records for the just completed year:
Production in units
51,000
Direct labor
$120,325
Raw materials purchased
$325,019
Manufacturing overhead
$250,265
Selling and administrative expenses
$422,100
Raw Materials, Beginning
$62,900
Raw Materials, Ending
$45,345
Work in Process, Beginning
$52,984
Work in Process, Ending
$58,777
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