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Please give solution to the attached The following data were taken from the records of Stellar Manufacturing Company for the year ended June 30, 2010.
Please give solution to the attached
The following data were taken from the records of Stellar Manufacturing Company for the year ended June 30, 2010. Raw Materials Inventory 7/1/09 Raw Materials Inventory 6/30/10 Finished Goods Inventory 7/1/09 Finished Goods Inventory 6/30/10 Work in Process Inventory 7/1/09 Work in Process Inventory 6/30/10 Direct Labor Indirect Labor Accounts Receivable Factory Insurance $47,000 Factory Machinery Depreciation Plant Manager's Salary 44,200 Factory Utilities Selling Expenses 85,000 Sales Sales Discounts 77,800 Factory Property Taxes 9,500 Factory Repairs Raw Materials Purchases 8,000 Cash 145,100 Prepaid Expenses 18,100 Administrative Expenses 27,000 Short-term investments $7,400 7,700 30,000 12,900 75,000 475,000 2,500 6,100 800 67,500 28,000 2,000 25,000 5,000 Instructions (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (b) Prepare an entire income statement through net income. (You may need to expand the working papers for this instruction.) (c) Prepare the current asset section of the balance sheet at June 30, 2010Step by Step Solution
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