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.