14-46 "The following data were taken from the records of Falcon Manufacturing Com- pany for the year ended December 31, 2014. Raw Materials Factory Insurance $ 7,400 Inventory 1/1/14 $ 48,500 Factory Machinery Raw Materials Depreciation 7,700 Inventory 12/31/14 44,800 Factory Utilities 12,900 Finished Goods Office Utilities Expense 8,600 Inventory 1/1/14 92,000 Sales Revenue 477,000 Finished Goods Sales Discounts 2,500 Inventory 12/31/14 77,800 Plant Manager's Salary 42,000 Work in Process Factory Property Taxes 6,900 Inventory 1/1/14 9,650 Factory Repairs 1,100 Work in Process Raw Materials Purchases 62,500 Inventory 12/31/14 7,500 Cash 33,500 Direct Labor 156,300 Indirect Labor 18,100 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 December 31