E19-12 Aikman Corporation has the following cost records for June 2010. Indirect factory labor $ 4,500 Factory utilities $ 400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/10 3,000 Direct labor 30,000 Work in process, 6/30/10 3,800 Maintenance, factory equipment 1800 Finished goods, 6/1/10 5,000 Indirect materials 2,200 Finished goods, 6/30/10 7.500 Factory manager's salary 3,000 Instructions (a) Prepare a cost of goods manufactured schedule for June 2010. (b) Prepare an income statement through gross profit for June 2010 assuming net sales are $87,100. Superior Manufacturing Company has the following cost and expense data for the year ending December 31, 2010. Raw materials, 1/1/10 Raw materials, 12/31/10 Raw materials purchases Indirect materials Work in process, 1/1/10 Work in process, 12/31/10 Finished goods, 1/1/10 Finished goods, 12/31/10 Direct labor Factory manager's salary $ 30,000 Insurance, factory 20,000 Property taxes factory building 205,000 Sales (net) 15,000 Delivery expenses 80,000 Sales commissions 50,000 Indirect labor 110,000 Factory machinery rent 120,000 Factory utilities 350,000 Depreciation, factory building 35,000 Administrative expenses $ 14,000 6,000 1,500,000 100,000 150,000 90,000 40,000 65,000 24,000 300,000 Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2010. (b) Prepare an income statement for Superior Company for 2010. (c) Assume that Superior Company's ledgers show the balances of the following current asset accounts: Cash $17,000, Accounts Receivable (net) $120,000, Prepaid Expenses $13,000, and Short-term Investments $26,000. Prepare the current assets section of the balance sheet for Superior Company as of December 31, 2010