P15-4B The following data were taken from the records of Moxie Company for the year ended December 31, 2017.
Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet.
| Raw Materials | Factory Insurance | $7,400 | |
| Inventory 1/1/17 | $ 47,000 | Factory Machinery | |
| Raw Materials | Depreciation | 7,700 | |
| Inventory 12/31/17 | 44,200 | Factory Utilities | 12,900 |
| Finished Goods | Office Utilities Expense | 8,600 | |
| Inventory 1/1/17 | 85,000 | Sales Revenue | 465,000 |
| Finished Goods | Sales Discounts | 2,500 | |
| Inventory 12/31/17 | 57,800 | Plant Manager’s Salary | 60,000 |
| Work in Process | Factory Property Taxes | 6,100 | |
| Inventory 1/1/17 | 9,500 | Factory Repairs | 800 |
| Work in Process | Raw Materials Purchases | 62,500 | |
| Inventory 12/31/17 | 8,000 | Cash | 18,000 |
| Direct Labor | 145,100 | ||
| Indirect Labor | 18,100 | ||
| Accounts Receivable | 27,000 |
| (a) CGM $324,900 (b) Gross profit $110,400 (c) Current assets $155,000 |
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.
Course: BUS 103 Principles of Management
School: Community College of Alleghany County