Question
The following data were taken from the records of Concord Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $51,000 Factory
The following data were taken from the records of Concord Company for the fiscal year ended June 30, 2020.
Raw Materials Inventory 7/1/19 $51,000 Factory Insurance$5,000
Raw Materials Inventory 6/30/20 48,400 Factory Machinery Depreciation 17,200
Finished Goods Inventory 7/1/19 96,100 Factory Utilities 30,500
Finished Goods Inventory 6/30/20 26,800 Office Utilities Expense 9,550
Work in Process Inventory 7/1/19 25,200 Sales Revenue 556,300
Work in Process Inventory 6/30/202 7,500 Sales Discounts 5,000
Direct Labor 148,650 Plant Manager's Salary 65,000
Indirect Labor 24,560 Factory Property Taxes 9,710
Accounts Receivable 35,400 Factory Repairs 2,400
Raw Materials Purchases 98,400
Cash 35,800
Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
Prepare an income statement through gross profit.
Prepare the current assets section of the balance sheet at June 30, 2020.(List Current Assets in order of liquidity.)
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