The following information is available for the MurphyMurphy Manufacturing company for $2020$

Requirement

Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above.

Part $1$

Accounts receivable, January $1,202070,000$

Accounts payable, January $1,2020?$

Raw materials, January $1,202012,000$

Work in process, January $1,202028,000$

Finished goods, January $1,202070,000$

Accounts receivable, December $31,2020100,000$

Accounts payable, December $31,2020250,000$

Raw materials, December $31,2020?$

Work in process, December $31,202057,000$

Finished goods, December $31,202053,000$

Raw materials used in production $120,000$

Raw materials purchased $110,000$

Accounts receivable collections $?$

Accounts payable payments $75,000$

Sales $?$

Total manufacturing costs $?$

Cost of goods manufactured $?$

Cost of goods sold $?$

Gross margin $420,000$

Data Table

Accounts receivable, January $1,2020$ $$70,000$

Accounts payable, January $1,2020?$

Raw materials, January $1,202012,000$

Work in process, January $1,202028,000$

Finished goods, January $1,202070,000$

Accounts receivable, December $31,2020100,000$

Accounts payable, December $31,2020250,000$

Raw materials, December $31,2020?$

Work in process, December $31,202057,000$

Finished goods, December $31,202053,000$

Raw materials used in production $120,000$

Raw materials purchased $110,000$

Accounts receivable collections $?$

Accounts payable payments $75,000$

Sales $?$

Total manufacturing costs $?$

Cost of goods manufactured $?$

Cost of goods sold $70\%$ of Sales

Gross margin $420,000$