The following data were taken from the records of Stellar Manufacturing Company for the fiscal year ended December 31, 2016:

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, 2016.

Transcribed Image Text:

Raw Materials Inventory (1/1/16) Raw Materials Inventory (12/31/16) Finished Goods Inventory (1/1/16) Finished Goods Inventory (12/31/16) Work in Process Inventory (1/1/16) Work in Process Inventory (12/31/16) Direct Labour Indirect Labour Accounts Receivable Factory Insurance $47,000 44,800 Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales $ 7,700 12,900 8,600 465,000 2,500 40,000 6,900 800 62,500 28,000 85,000 77,800 9,500 Sales Discounts Plant Manager's Salary Factory Property Taxes 7,500 18,100 Factory Repairs 7,400 Cash 145,100 27,000 Raw Materials Purchases