Problem 6 Everheart Manufacturing Company uses a simple manufacturing accounting pany uses a simple manufacturing accounting system. At the end of its fiscal year on August 31, 20x2, the adjusted trial balance contained the followi Debits Credits Accumulated Depr. Notes Payable Accounts Payable Income Taxes Payable Common Stock Retained Earnings Sales $353,000 45,000 38,200 9,000 352,000 205,300 996,000 $16,700 62,900 56,000 27,800 37,200 890,000 236,500 280,900 27,400 17,200 19,000 40,000 11,000 12,900 13,300 98,500 115,200 36,000 Cash A/R, net Finished Goods Inventory Work in Process Inventory Raw Material Inventory Plant Assets Raw Materials Purchased Direct Labor Indirect Labor Factory Repairs Factory Depreciation Factory Manager's Salary Factory Insurance Factory Property Taxes Factory Utilities Selling Expense Administrative Expenses Income Tax Expense $ 1,998,500 $ 1,998,500 Physical inventory accounts on August 31, 20x2. show the following inventory amounts: Finished Goods Work in Process Raw Materials $54,600 23,400 46,500 Instructions: Enter the adjusted trial balance data on a work sheet in financial statement order and complete the work sheet. Prepare a cost of goods manufactured schedule for the year. Prepare an income statement for the year and a balance sheet at August 31, 20x2. Journalize the closing entries Post the closing entries to Manufacturing Summary and to Income Summary