Problem 19-04A a-c (Part Level Submission) (Video) The following data were taken from the records of Sheridan Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $54,600 Factory Insurance $4,700 Raw Materials Inventory 6/30/20 44,200 Factory Machinery Depreciation 17,700 Finished Goods Inventory 7/1/19 96,800 Factory Utilities 31,600 Finished Goods Inventory 6/30/20 26,300 Office Utilities Expense 8,550 Work in Process Inventory 7/1/19 24,600 Sales Revenue 562,900 Work in Process Inventory 6/30/20 29,600 Sales Discounts 4,600 Direct Labor 147,050 Plant Manager's Salary 65,400 Indirect Labor 25,660 Factory Property Taxes 9,610 Accounts Receivable 35,300 Factory Repairs 2,500 Raw Materials Purchases 98,100 Cash 36,300 (a) Your answer is correct. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) SHERIDAN COMPANY Cost of Goods Manufactured Schedule For the Year Ended June 30, 2020 Work in Process Inventory, July 1, 2019 24600 Direct Materials Raw Materials Inventory, July 1, 2019 54600 Raw Materials Purchases 98100 Total Raw Materials Available for Use 152700 Less Raw Materials Inventory, June 30, 2020 44200 Direct Materials Used 108500 Direct Labor 147050 Manufacturing Overhead Indirect Labor 25660 Factory Insurance 4700 Factory Utilities 31600 Factory Machinery Depreciation 17700 Plant Manager's Salary 65400 Factory Property Taxes 9610 Factory Repairs 2500 Total Manufacturing Overhead 157170 Total Manufacturing Costs 412720 Total Cost of Work in Process Inventory 437320 > Less Work in Process Inventory, June 30, 2020 29600 Cost of Goods Manufactured 407720 44 (b) Prepare an income statement through gross profit. SHERIDAN COMPANY (Partial) Income Statement $ > $