The following information is available for the Turner Manufacturing company for 2020. (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales Data table Accounts receivable, January 1, 2020 160,000 Accounts payable, January 1, 2020 104,000 Raw materials, January 1, 2020 Work in process, January 1, 2020 12,000 20,000 Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 $ 160,000 ? 12,000 20,000 70,000 90,000 Finished goods, January 1, 2020 70,000 Accounts receivable, December 31, 2020 90,000 Accounts payable, December 31, 2020 240,000 Raw materials, December 31, 2020 72,000 Work in process, December 31, 2020 Finished goods, December 31, 2020 57,000 54,000 Raw materials used in production 80,000 Raw materials purchased 140,000 Accounts receivable collections 1570000 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 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 240,000 ? 57,000 54,000 80,000 140,000 ? 84,000 ? Accounts payable payments Sales 84,000 1,500,000 Total manufacturing costs Cost of goods manufactured Cost of goods sold Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin ? ? 60% of Sales 600,000 Gross margin 600,000 Print Done