Statement of cost of goods manufactured
Response to the following problem:
The following information is from ABC Company's general ledger: Beginning and ending inventories, respectively, for raw materials were $8,000 and $10,000 and for work in process were $20,000 and $22,000. Raw material purchases and direct labor costs incurred were $36,000 each, and manufacturing overhead applied amounted to $20,000.
Required: Prepare a statement of cost of goods manufactured for ABC Company.