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.