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Question: the following information is available for adams company for 2018...

Question details

The following information is available for Adams Company for 2018 (all numbers in dollars):

Beginning Finished Goods

306,390

Beginning Materials

186,319

Beginning WIP

174,300

Direct Labor

489,511

Ending Finished Goods

311,446

Ending Materials

177,433

Ending WIP

181,216

Manufacturing Overhead

?

Purchases (materials)

741,359

Sales

3,521,000

Note: gross profit is 40% of sales

Required: Prepare a statement of cost of goods sold and a statement of cost of goods manufactured for 2018.

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