The Following Data Relates to the Solar Products Company for the Fiscal

question 54

Essay

The following data relates to the Solar Products Company for the fiscal year ended December 31: $$\begin{array} { l r } \text { Direct Materials Inventory, Beginning } & \$ 60 \\\text { Direct Materials Inventory, Ending } & 40 \\\text { Direct Materials Purchases } & 290 \\\text { Direct Labor } & 33 \\\text { Finished Goods Inventory, Beginning } & 90 \\\text { Finished Goods Inventory, Ending } & 100 \\\text { Factory overhead } & 155 \\\text { Work-in-Process Inventory, Beginning } & 80 \\\text { Work-in-Process Inventory, Ending } & 60\end{array}$$ Required:
Prepare a statement of cost of goods manufactured and cost of goods sold.

---

Definitions:

Process Innovation

The improvement or development of new methods in the production process, enhancing efficiency or productivity.

Total Product Curve

A graphical representation showing how total output of a firm varies with a change in a single input while holding other inputs constant.

Average Total Cost Curve

A graphical representation showing the average cost per unit of output at different levels of production.

R&D

Short for Research and Development; activities companies undertake to innovate and introduce new products or services.