Prepare an income statement through gross pro?t

Assignment Help Accounting Standards

Reference no: EM13216070

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

Goods Of?ce 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 pro?t.
(c) Prepare the current assets section of the balance sheet at December 31.

Reference no: EM13216070

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