The following data were taken from the records of ABC Company for the year ended June 30,2014. Raw Materials Inventory 7/1/2013 Raw Materials Inventory 6/30/2014 Finished Goods Inventory 7/1/2013 Finished Goods Inventory 6/30/2014 Work in Process Inventory 7/1/2013 Work in Proces
The following data were taken from the records of ABC Company for the year ended June 30,2014.
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Raw Materials Inventory 7/1/2013 Raw Materials Inventory 6/30/2014 Finished Goods Inventory 7/1/2013 Finished Goods Inventory 6/30/2014 Work in Process Inventory 7/1/2013 Work in Process Inventory 6/30/2014 Direct Labor Indirect Labor Cash Selling Expenses |
$48,000 39,600 96,000 75,900 19,800 18,600 139,250 24,460 27,000 32,000 5,500 20,000 |
Factory Insurance Factory Machinery Factory Utilities Office Utility Expense Sales Revenue Sales Discounts Plant Manager’s Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Indirect Material Used Administrative Expenses |
$4,600 16,000 27,600 8,650 534,000 4,200 58,000 9,600 1,400 96,400 2,200 28,500 |
Required:(a)Prepare a cost of goods manufactured schedule and an income statement through gross profit.
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