The following data were taken from the records of Moxie Company for the year ended December 31, 2014.

Raw Materials Inventory 1/1/14

$ 47,000

Raw Materials Inventory 12/31/14

44,200

Finished Goods Inventory 1/1/14

85,000

Finished Goods Inventory 12/31/14

57,800

Work in Process Inventory 1/1/14

9,500

Work in Process Inventory 12/31/14

8,000

Direct Labor

145,100

Indirect Labor

18,100

Accounts Receivable

27,000

Factory Insurance

$ 7,400

Factory Machinery Depreciation

7,700

Factory Utilities

12,900

Office Utilities Expense

8,600

Sales Revenue

465,000

Sales Discounts

2,500

Plant Manager”s Salary

60,000

Factory Property Taxes

6,100

Factory Repairs

800

Raw Materials Purchases

62,500

Cash

18,000

Instructions

(a)Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

(b)Prepare an income statement through gross profit.

(c)Prepare the current assets section of the balance sheet at December 31.