Reference no: EM132565519
Below are the financial records for MGM Manufacturing Corporate as of June 30th 2019.
Raw Material Inventory 7/1/18 $48,100
Factory Insurance $5,100
Raw Material Inventory 6/30/19 44,400
Factory Machinery Depreciation 16,200
Finished Goods Inventory 7/1/18 98,800
Factory Utilities 29,300
Finished Goods Inventory 6/30/19 29,500
Office Utilities Expense 9,050
Work in Process Inventory 7/1/18 25,700
Sales Revenue 561,800
Work in Process Inventory 6/30/19 24,900
Sales Discounts 4,800
Direct Labor 140,350
Plant Manager's Salary 65,700
Indirect Labor 26,460
Factory Property Taxes 9,710
Accounts Receivable 31,200
Factory Repairs 2,400
Raw Material Purchases 97,800
Cash 34,300
Required:
Question a) Make a Cost of Goods Manufactured Schedule for the year ending June 30th 2019
Question b) Calculate the Cost of Goods Sold for the year
Question c) Explain the difference between how the inventory would be presented on a balance sheet for a merchandising company vs. a manufacturing company
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