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MCorporation is a manufacturer of thermal lunch boxes and water jugs intended for the local market. The company started operations on July 1, 1980 and after one year of operations, MCorporation summarized its financial position as shown in the balance sheet below: MCorporation Balance Sheet As of June 30, 1981 Assets Liabilities and Equities Accounts -a able Income Tax Pa able Raw Materials 200,000 Work-in-process 340,000 2,400,000 Ca . ital Stock Finished Goods 280 000 252 000 Machinery & equipment 1, 072, 000 Total liabil ities/assets 3,852,000 3,852,000 Owner' 5 e ui Please write down the transactions Some of the transactions during the second year of operations: 1. Purchased raw materials on account: $840,000 2. Direct labor payroll, $300,000, 1/3 unpaid as of the end of the year. 3. Total utility bill, $100,000; 80% paid as of the end of the year, 60% charged for the factory Other salaries paid in gags, $300,000, 60% represents production supervisor and inspector's salaries and the rest of the ofce personnel. Payment to suppliers of raw materials, $600,000 Purchase returns amounted to $90,000 deductible from accounts payable. Purchase discounts availed of $16,800, deductible from accounts payable. Freight-in, $20, 000 paid in cash Depreciation $30, 000; $20, 000 of which chargeable to the factory 10. Other manufacturing overhead, $140, 000 11. Allowance for doubtful accounts - 2% of gross sales (gross sales for the year = $4M) Ending balances Raw Materials 233,200 :6- 509099191 WIP Inventory 485,000 170 000 Construct CGMS Statement for the period ended June 30,1982, what is the Cost of Goods sold for MCorporation