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The information that follows is from Manufacturing Company's trial balance.
Debits
Credits
Cash
34,000
Accounts Receivable
27,000
Materials Inventory, ending
31,000
Work in Process Inventory, ending
47,900
Finished Goods Inventory, ending
54,800
Factory Supplies
5,700
Small Tools
9,330
Land
160,000
Factory Building
575,000
Accumulated Depreciation-Factory Building
199,000
Factory Equipment
310,000
Accumulated Depreciation-Factory Equipment
137,000
Patents
33,500
Accounts Payable
26,900
Insurance Premiums Payable
6,700
Income Taxes Payable
41,500
Mortgage Payable
343,000
Common Stock
200,000
Retained Earnings
334,130
1,288,230
1. Manufacturing organizations use asset accounts that are not needed by retail organizations.
a. List the titles of the asset accounts that are specifically related to manufacturing organizations.
b. List the titles of the asset, liability, and equity accounts that you would see on the balance sheets of both manufacturing and retail organizations.
2. Assuming that the following information reflects the results of operations for the year, calculate the (a) gross margin, (b) cost of goods sold, (c) cost of goods available for sale, and (d) cost of goods manufactured:
Operating income
$138,130
Operating expenses
53,670
Sales
500,000
Finished goods inventory, beginning
50,900
Finished goods inventory, ending
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