P19-4A The following data were taken from the records of Stellar Manufacturing Company for the fiscal year ended June 30, 2012. Raw Materials Inventory 7/1/11 $ 48,000 Factory Machinery Depreciation $ 16,000 Raw Materials Inventory 6/30/12 39,600 Factory Utilities 27,600 Finished Goods Inventory 7/1/11 96,000 Office Utilities Expense 8,650 Finished Goods Inventory 6/30/12 95,900 Sales 554,000 Work in Process Inventory 7/1/11 19,800 Sales Discounts 4,200 Work in Process Inventory 6/30/12 18,600 Plant Manager's Salary 29,000 Direct Labor 149,250 Factory Property Taxes 9,600 Indirect Labor 24,460 Factory Repairs 1,400 Accounts Receivable 27,000 Raw Materials Purchases 96,400 Factory Insurance 4,600 Cash 32,000 Complete the cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (List amounts from largest to smallest e.g. 10, 5, 3, 2.) STELLAR MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended June 30, 2012 $ Direct materials $ Total raw materials available for use Less: $ Direct labor Manufacturing overhead Total manufacturing overhead Total manufacturing costs Total cost of work in process Less: Cost of goods manufactured $ Complete an income statement through gross profit. STELLAR MANUFACTURING COMPANY (Partial) Income Statement For the Year Ended June 30, 2012 Sales revenues $ Less: Net sales $ Cost of goods sold Cost of goods manufactured Cost of goods available for sale Less: Cost of goods sold Gross profit Complete the current assets section of the balance sheet at June 30, 2012. (List current assets in order of liquidity.) STELLAR MANUFACTURING COMPANY (Partial) Balance Sheet June 30, 2012 Current assets $ Inventories $ Total current assets $