The following data were taken from the records of Dosey Manufacturing Company for the year ended December 31, 2010.

Instructions

(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

(b) Prepare an income statement through gross profit.

(c) Prepare the current assets section of the balance sheet at December 31.

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$ 7,400 Raw Materials Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense $ 47,000 Inventory 1/1/10 7,700 Raw Materials Inventory 12/31/10 Finished Goods Inventory 1/1/10 Finished Goods Inventory 12/31/10 Work in Process 44,200 12,900 8,600 85,000 Sales 465,000 Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs 2,500 40,000 6,100 800 67,800 Inventory 1/1/10 9,500 Work in Process Raw Materials Purchases 62,500 28,000 Inventory 12/31/10 Direct Labor 8,000 Cash 145,100 Indirect Labor Accounts Receivable 18,100 27,000