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Statement of Cost of Goods Manufactured

Dillo Vineyards, a large winery in Texas, produces a full line of varietal wines. The company, whose fiscal year begins on November 1, has just completed a record-breaking year. Its inventory account balances on October 31 of this year were

Materials Inventory $1,803,800
Work In Process Inventory $2,764,500
Finished Goods Inventory $1,883,200

At the beginning of the year, the inventory account balances were
Materials Inventory $2,156,200
Work in Process Inventory $3,371,000
Finished Goods Inventory $1,596,400

During the fiscal year, the company's purchases of direct materials totaled $6,750,000. Direct labor hours totaled $142,500 and the average labor rate was $8.20 per hour.

The following overhead costs were incurred during the year: Depreciation, plant, and equipment, $685,600
Indirect Labor $207,300
Property Tax, Plant & Equipment $94,200
Plant Maintenance $83,700
Small Tools $42,400
Utilities $96,500
Employee Benefits $76,100

Required:

Prepare a statement of cost of goods manufactured for the fiscal year ending October 31

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The solution explains how to prepare a Statement of Cost of Goods Manufactured

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