The following data were taken from the records of Moxie Company for the year ended December 31, 2017.

Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet.

(LO 3)

Raw Materials		Factory Insurance	$7,400
Inventory 1/1/17	$ 47,000	Factory Machinery
Raw Materials		Depreciation	7,700
Inventory 12/31/17	44,200	Factory Utilities	12,900
Finished Goods		Office Utilities Expense	8,600
Inventory 1/1/17	85,000	Sales Revenue	465,000
Finished Goods		Sales Discounts	2,500
Inventory 12/31/17	57,800	Plant Managers Salary	60,000
Work in Process		Factory Property Taxes	6,100
Inventory 1/1/17	9,500	Factory Repairs	800
Work in Process		Raw Materials Purchases	62,500
Inventory 12/31/17	8,000	Cash	18,000
Direct Labor	145,100
Indirect Labor	18,100
Accounts Receivable	27,000

(a) CGM $324,900

(b) Gross profit $110,400

(c) Current assets $155,000

Instructions

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

(b) Prepare an income statement through gross profit.

(c) Prepare the current assets section of the balance sheet at December 31.

Prepare a cost of goods manufactured schedule and a correct income statement.

(LO 3)