Prepare Statements for a Manufacturing Company The following balances are from the accounts of Hill…


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Prepare Statements for a Manufacturing Company The following balances are from the accounts of Hill Components: January 1 (Beginning) December 31 (Ending) Direct materials inventory $37,000 $34,000 Work-in-process inventory 52,100 55,000 Finished goods inventory 12,000 14,000 Direct materials used during the year amount to $46,000, and the cost of goods sold for the year was $53,000. Required Find the following by completing a cost of goods sold statement: a. Cost of direct materials purchased during the year. b. Cost of goods manufactured during the year. c. Total manufacturing costs incurred during the year.

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