Requirement Assume that all raw materials are purchased on credit and all sales are credit sales, Compute the missing amounts above. Accounts receivable, January 1,2020 110,000 Accounts payable, January 1, 2020 Raw materials. Januarv 1. 2020 Work in process, January 1, 2020 29,000 Finished goods, January 1, 2020 70,000 Accounts receivable, December 31,2020 70,000 Accounts payable, December 31,2020 170,000 Raw materials, December 31, 2020 Work in process. December 31,2020 62,000 Finished goods, December 31, 2020 53,000 Raw materials used in production 150,000 Raw materials purchased 170,000 Accounts receivable collections Accounts payable payments 81,000 Sales Total manufacturing costs Cost of aoods manufactured Cost of goods sold Gross margin Requirement Assume that all raw materials are purchased on credit and all sales are credit sales, Compute the missing amounts above. Accounts receivable, January 1,2020 110,000 Accounts payable, January 1, 2020 Raw materials. Januarv 1. 2020 Work in process, January 1, 2020 29,000 Finished goods, January 1, 2020 70,000 Accounts receivable, December 31,2020 70,000 Accounts payable, December 31,2020 170,000 Raw materials, December 31, 2020 Work in process. December 31,2020 62,000 Finished goods, December 31, 2020 53,000 Raw materials used in production 150,000 Raw materials purchased 170,000 Accounts receivable collections Accounts payable payments 81,000 Sales Total manufacturing costs Cost of aoods manufactured Cost of goods sold Gross margin