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The following data were taken from the records of Sheffield Company for the fiscal year ended June 30,2017. Raw Material Inventory 7/1/16 $55,300 Factory Insurance
The following data were taken from the records of Sheffield Company for the fiscal year ended June 30,2017. Raw Material Inventory 7/1/16 $55,300 Factory Insurance Raw Material Inventory 6/30/17 Finished Goods Inventory 7/1/16 Finished Goods Inventory 6/30/1720,800 Office Utilities Expense Work in Process Inventory 7/1/16 25,900 Saes Revenue Work in Process Inventory 6/30/17 21,100 Sales Discounts Direct Labor Indirect Labor Accounts Receivable $5,100 43,200 Factory Machinery Depreciation 17,800 31,700 9,250 563,200 4,500 64,200 9,910 1,900 98,000 40,800 98,300 Factory Utilities 142,050 Plant Manager's Salary 24,660 36,900 Factory Property Taxes Factory Repairs Raw Material Purchases Cash Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) SHEFFIELD COMPANY Cost of Goods Manufactured Schedule Prepare an income statement through gross profit. SHEFFIELD COMPANY (Partial) Income Statement Prepare the current assets section of the balance sheet at June 30, 2017. (List Current Assets in order of liquidity.) SHEFFIELD COMPANY (Partial) Balance Sheet
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