The following data were taken from the records of Manik Manufacturing Ltd for the year ended 30 June 2016.

Raw materials inventory, 1/7/15 Raw materials inventory, 30/6/16 Finished goods inventory, 1/7/15 Finished goods inventory, 30/6/16 Work in process inventory, 1/7/15 Work in process inventory, 30/6/16 Direct labour Indirect labour Accounts receivable Factory insurance Factory machinery depreciation

$ 80 000 88 400 170 000 145 600 19 000 16 000 290 200 38 200 54 000 10 800 15 400

Freight-in on raw materials purchased Factory utilities Office utilities expense Sales Sales discounts Plant manager’s salary Factory rent Factory repairs Raw materials purchases Cash

$ 7 800 31 800 17 200 990 000 7 000 80 000 122 000 1 600 129 200 56 000

Required

A. Prepare the cost of goods manufactured schedule for the year ended 30 June 2016

B. Prepare an income statement for the year ended 30 June 2016 as far as gross profit.

C. Prepare the current assets section of the balance sheet / statement of financial position as at 30 June 2016.