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BUENAFLOR COMPANY has the following cost and expense data for the year ending December 31, 2021: Superior Manufacturing Company has the following cost and expense
BUENAFLOR COMPANY has the following cost and expense data for the year ending December 31, 2021: Superior Manufacturing Company has the following cost and expense data for the year ending December 31, 2020: Raw materials, January 1 $ 30,000 Insurancefactory building 14,000 Raw materials, December 31 20,000 Property taxesfactory building 6,000 Raw materials purchased 205,000 Sales (net) 1,500,000 Indirect materials 15,000 Delivery expenses 100,000 Work in process, January 1 80,000 Sales commissions 150,000 Work in process, December 31 50,000 Indirect labour 90,000 Finished goods, January 1 110,000 Factory machinery rent 40,000 Finished goods, December 31 120,000 Factory utilities 65,000 Direct labour 350,000 Depreciationfactory building 24,000 Factory manager's salary 35,000 Administrative expenses 300,000 REQUIRED: a. Prepare a cost of goods manufactured schedule for BUENAFLOR COMPANY for 2021. b. Prepare an income statement for BUENAFLOR COMPANY for 2020. c. Assume that BUENAFLOR COMPANY'S ledgers show the following balances in its current asset accounts: Cash $17,000, Accounts Receivable (net) $120,000, Prepaid Expenses $13,000, and ShortTerm Investments $26,000. Prepare the current assets section of the balance sheet for BUENAFLOR COMPANY as of December 31, 2021
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