CoursHeroTranscribedText: 2-39 Cost of goods manufactured, income statement, manufacturing company. The following informa- tion is available for the Mccain Manufacturing Company for 2020. Accounts receivable, January 1, 2020 $120,000 Accounts payable, January 1, 2020 ? Raw materials, January 1, 2020 10,000 Work in process, January 1, 2020 25,000 Finished goods, January 1, 2020 75,000 Accounts receivable, December 31, 2020 80,000 Accounts payable, December 31, 2020 200,000 Raw materials, December 31, 2020 ? Work in process, December 31, 2020 60,000 Finished goods, December 31, 2020 50,000 Raw materials used in production 100,000 Raw materials purchased 130,000 Accounts receivable collections ? Accounts payable payments 80,000 Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold 60% of Sales Gross margin 400,000 Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above