The following information is available for the Taylor Manufacturing company for 2020. (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above. Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 140,000 Data table - 5,000 Work in process, January 1, 2020 22,000 Finished goods, January 1, 2020 73,000 Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 140,000 ? 5,000 Accounts receivable, December 31, 2020 60,000 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 150,000 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 22,000 73,000 60,000 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections 64,000 54,000 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 150,000 ? 70,000 140,000 Accounts payable payments 76,000 Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales 64,000 54,000 70,000 140,000 ? 76,000 ? Total manufacturing costs ? 240,000 Cost of goods manufactured Cost of goods sold Gross margin ? 60% of Sales 240,000 Print Done