The following data were taken from the records of Sheridan Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $51,400 Factory Insurance $5,700 Raw Materials Inventory 6/30/20 44,000 Factory Machinery Depreciation 17,200 Finished Goods Inventory 7/1/19 99,000 Factory Utilities 29,600 Finished Goods Inventory 6/30/20 27,100 Office Utilities Expense 9,450 Work in Process Inventory 7/1/19 27,400 Sales Revenue 560,000 Work in Process Inventory 6/30/20 29,700 Sales Discounts 4,800 Direct Labor 145,350 Plant Managers Salary 63,700 Indirect Labor 26,460 Factory Property Taxes 9,610 Accounts Receivable 30,900 Factory Repairs 2,200 Raw Materials Purchases 97,600 Cash 35,400

PREPARE AN INCOME STATEMENT THROUGH GROSS PROFIT

costs of goods manufactured schedule

partial income statement