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The following data were taken from the records of Metlock Company for the fiscal year ended June 30, 2022. The following data were taken from
The following data were taken from the records of Metlock Company for the fiscal year ended June 30, 2022.
The following data were taken from the records of Metlock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 $54,800 Accounts Receivable $34,900 Raw Materials Inventory 6/30/22 49,200 Factory Insurance 5,300 Finished Goods Inventory 7/1/21 96,400 Factory Machinery Depreciation 16,500 Finished Goods Inventory 6/30/22 28,500 Factory Utilities 29,500 Work in Process Inventory 7/1/21 22,600 Office Utilities Expense 9,250 Work in Process Inventory 6/30/22 27,300 Sales Revenue 561,300 Direct Labor 139,550 Sales Discounts 4,500 Indirect Labor 24,960 Factory Manager's Salary 66,100 Factory Property Taxes 9,710 Factory Repairs 2,300 Raw Materials Purchases 99,500 Cash 36,300 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.) METLOCK COMPANY Cost of Goods Manufactured Schedule $ $ > > Prepare an income statement through gross profit. METLOCK COMPANY Income Statement (Partial) TA : $ > > $ Prepare the current assets section of the balance sheet at June 30, 2022. (List Current Assets in order of liquidity.) METLOCK COMPANY Balance Sheet (Partial) ASSETS $ $ ta > $Step by Step Solution
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