Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following data were taken from the records of Marigold Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $55,300 Factory
The following data were taken from the records of Marigold Company for the fiscal year ended June 30, 2020.
Raw Materials Inventory 7/1/19 | $55,300 | Factory Insurance | $5,100 | |||
Raw Materials Inventory 6/30/20 | 43,200 | Factory Machinery Depreciation | 17,800 | |||
Finished Goods Inventory 7/1/19 | 98,300 | Factory Utilities | 31,700 | |||
Finished Goods Inventory 6/30/20 | 20,800 | Office Utilities Expense | 9,250 | |||
Work in Process Inventory 7/1/19 | 25,900 | Sales Revenue | 563,200 | |||
Work in Process Inventory 6/30/20 | 21,100 | Sales Discounts | 4,500 | |||
Direct Labor | 142,050 | Plant Managers Salary | 64,200 | |||
Indirect Labor | 24,660 | Factory Property Taxes | 9,910 | |||
Accounts Receivable | 36,900 | Factory Repairs | 1,900 | |||
Raw Materials Purchases | 98,000 | |||||
Cash | 40,800 |
MARIGOLD COMPANY Cost of Goods Manufactured Schedule Prepare an income statement through gross profit. MARIGOLD COMPANY (Partial) Income Statement Prepare the current assets section of the balance sheet at June 30, 2020. (List Current Assets in order of liquidity.) MARIGOLD COMPANY (Partial) Balance Sheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started