Rider Co. is a leading manufacturer of bikes for children. Alexis, the former head managerial accountant managed to wipe the accounting records before she quit, and as such, Rosalie, the new head managerial accountant, has been asked to find the missing information so that the VP of Finance, Chris, can present the information to the CFO. She was able to recover the following information: Raw materials beginning balance was $30,000 Work in process beginning balance was $80,000 Salaries were $475,000, of which $125,000 was indirect labour. Included in the MOH were costs of $65,000 for utilities, $40,000 for rent, $24,000 for depreciation, $14,000 for insurance and $6000 for property taxes Material purchases were $205,000 and DM requisitions were $215,000. Ending balance of raw materials was $5000. They sold 10,000 bikes for $150/unit. Each bike had a cost of $87.40 Finished goods ending inventory was $120,000 Ending work in process was $50,000

Required:

Prepare T-accounts for Raw Materials, Work in Process Inventory, Finished Goods inventory, Factory Labour, and Manufacturing Overhead.

Prepare a cost of good manufactured schedule Prepare an income statement (including a full cost of goods sold schedule). Assume operating expenses are $550,000

Prepare the assets section of the balance sheet. Assume the following balances: cash $17,000, accounts receivable $120,000, and prepaid expenses $13,000.