Accounts receivable, January 1, 2020 70,000 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 15,000 Work in process, January 1, 2020 30,000 Finished goods, January 1, 2020 77,000 Accounts receivable, December 31, 2020 110,000 Accounts payable, December 31, 2020 250,000 Raw materials, December 31, 2020 Work in process, December 31, 2020 63,000 Finished goods, December 31, 2020 55,000 Raw materials used in production 80,000 Raw materials purchased 100,000 Accounts receivable collections Accounts payable payments 81,000 Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin 440,000