Please need help!

 

 

The following information is available for the Taylor Manufacturing company for 2020.

 

Requirement

Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above.

 

 

 

 

Part 1

 

Accounts receivable, January 1, 2020	100,000
Accounts payable, January 1, 2020
Raw materials, January 1, 2020	5,000
Work in process, January 1, 2020	26,000
Finished goods, January 1, 2020	71,000
Accounts receivable, December 31, 2020	120,000
Accounts payable, December 31, 2020	170,000
Raw materials, December 31, 2020
Work in process, December 31, 2020	55,000
Finished goods, December 31, 2020	51,000
Raw materials used in production	140,000
Raw materials purchased	160,000
Accounts receivable collections
Accounts payable payments	82,000
Sales
Total manufacturing costs
Cost of goods manufactured
Cost of goods sold
Gross margin	200,000