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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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