The following data were taken from the records of Flexsteel Manufacturing Company for the year ended May 31, 2016.

Raw Materials		Factory Insurance	$7,000
Inventory 6/1/15	$47,000	Factory Mach-Depreciation	4,000
Raw Materials		Plant Managers Salary	30,000
Inventory 5/31/16	44,000	Factory Utilities	12,900
Finished Goods		Operating Expenses	100,000
Inventory 6/1/15	85,000	Sales Revenue	475,000
Finished Goods		Sales Discounts	2,500
Inventory 5/31/16	77,000	Short-term investments	5,000
Work in Process		Factory Property Taxes	6,000
Inventory 6/1/15	9,500	Factory Repairs	1,000
Work in Process		Raw Materials Purchases	67,500
Inventory 5/31/16	8,000	Cash	28,000
Direct Labor	145,000	Prepaid Expenses	2,000
Indirect Labor	18,000	Accounts Receivable	27,000

Instructions

(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

(b) Prepare an entire income statement through net income .

(c) Prepare the current asset section of the balance sheet at May 31, 2016.