Superman Company

Superman Company has the following costs and expenses for the year ending December 21, 2X20.

Raw materials, 1/1/20	P30,000	Property taxes, factory building	P6,000
Raw materials, 12/31/20	20,000	Sales revenue	1,500,000
Raw materials purchases	205,000	Delivery expenses	100,000
Work-in-process, 1/1/20	80,000	Sales commissions	150,000
Work-in-process, 12/31/20	50,000	Indirect labor	105,000
Finished goods, 1/1/20	110,000	Factory machinery rent	40,000
Finished goods, 12/31/20	120,000	Factory utilities	65,000
Direct labor	350,000	Depreciation, factory building	24,000
Factory managers salary	35,000	Administrative expenses	300,000
Insurance, factory	14,000

Requirement:

1. Prepare a cost of goods manufactured schedule for Superman Company for 2X20. Note: Assume that all raw materials used were direct materials. (10 points)
2. Prepare an income statement for Superman Company for 2020. (10 points)
3. Assume that Superman Companys accounting records show the balances of the following current asset accounts: Cash P17,000, Accounts Receivable (net) P120,000, Prepaid Expenses P13,000, and Short-Term Investments P26,000. Prepare the current assets section of the balance sheet for Superman Company as of December 31, 2020. (10 points)