Exercise #3: A Manufacturing Company has the following data at June 30, 2018:

Raw materials inventory, June 1 $ 13,800

Work in process inventory, June 1 18,100

Finished goods inventory, June 1 43,500

Total manufacturing costs 510,000

Sales 590,000

Work in process inventory, June 30 30,400

Finished goods inventory, June 30 50,200

Raw materials inventory, June 30 18,000

Instructions

1. Using the above data, prepare an income statement through gross profit for the month of June.
2. Prepare the current asset section of the balance sheet showing the presentation of the June 30 inventories.