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The following data were taken from the records of Moxie Manufacturing Company for the year ended December 31, 2012.
Raw Materials
Factory Insurance
$7,400
Inventory 1/1/12
$47,000
Factory Machinery
Depreciation
7,700
Inventory 12/31/12
44200
Factory Utilities
12,900
Finished Goods
Office Utilities Expense
8,600
85000
Sales
465,000
Sales Discounts
2,500
57800
Plant Manager"s Salary
60,000
Work in Process
Factory Property Taxes
6,100
9500
Factory Repairs
800
Raw Materials Purchases
62,500
8000
Cash
18,000
Direct Labor
145100
Indirect Labor
18100
Accounts Receivable
27000
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.
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