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Dreams Manufacturing, Inc. provided the following information for the year ended December 31, 2020: ...

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Accounting

Dreams Manufacturing, Inc. provided the following information for the year ended December 31, 2020:

Materials Purchases

$55,000

Factory Utilities and Insurance

15,750

Indirect Materials

12,500

Indirect Labor

14,250

Materials Inventory January 1, 2020

28,000

Materials Inventory December 31, 2020

24,250

Direct Labor

67,000

Depreciation on Factory Plant and Equipment

9850

Work-In-Process Inventory January 1, 2020

39,500

Work-In-Process Inventory December 31, 2020

42,000

Required: Prepare a Statement of Cost of Goods Manufactured using the following format:

Statement of Cost of Goods Manufactured

Work in Process Inventory January 1, 2020

Direct Materials Used:

+

Materials Available for Use

-

Direct Materials Used in Production

Direct Labor

Factory Overhead:

Total Factory Overhead

Total Manufacturing Costs Incurred During the Year

Total Manufacturing Costs to Account For

Work in Process Inventory December 31, 2020

Cost of Goods Manufactured

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