The following data were taken from the records of Ruiz Manufacturing Company for the year ended December 31, 2010.

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.
Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet.

(c) Prepare the current assets section of the balance sheet at December 31.

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Raw Materials Inventory 1/1/10 $ 47,000 Raw Materials Inventory 12/31/10 44,200 Factory Insurance Factory Machinery Depreciation Factory Utilities $ 7,400 7,700 12,900 Finished Goods Office Utilities Expense 8,600 Inventory 1/1/10 85,000 Sales 475,000 Finished Goods Sales Discounts 2,500 Inventory 12/31/10 77,800 Plant Manager's Salary 30,000 Work in Process Factory Property Taxes 6,100 Inventory 1/1/10 9,500 Factory Repairs 800 Work in Process Raw Materials Purchases 67,500 Inventory 12/31/10 8,000 Cash 28,000 Direct Labor 145,100 Indirect Labor 18,100 Accounts Receivable 27,000