Response to the following problem:
The following data were taken from the records of Stellar Manufacturing Company for the fiscal year ended June 30, 2011.
Raw Materials Factory Insurance $ 4,600 Inventory 7/1/10 $ 48,000 Factory Machinery
|
Raw Materials
|
|
Depreciation
|
16,000
|
|
Inventory 6/30/11
|
39,600
|
Factory Utilities
|
27,600
|
|
Finished Goods
|
|
Office Utilities Expense
|
8,650
|
|
Inventory 7/1/10
|
96,000
|
Sales
|
554,000
|
|
Finished Goods
|
|
Sales Discounts
|
4,200
|
|
Inventory 6/30/11
|
95,900
|
Plant Manager's Salary
|
29,000
|
|
Work in Process
|
|
Factory Property Taxes
|
9,600
|
|
Inventory 7/1/10
|
19,800
|
Factory Repairs
|
1,400
|
|
Work in Process
|
|
Raw Materials Purchases
|
96,400
|
|
Inventory 6/30/11
|
18,600
|
Cash
|
32,000
|
|
Direct Labor
|
149,250
|
|
|
|
Indirect Labor
|
24,460
|
| Accounts Receivable |
27,000 |
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 June 30, 2011.