Reference no: EM132326090

Question

The following data were taken from the records of Concord Company for the fiscal year ended June 30, 2020.

Raw Materials Inventory 7/1/19 $51,000 Factory Insurance$5,000

Raw Materials Inventory 6/30/20 48,400 Factory Machinery Depreciation 17,200

Finished Goods Inventory 7/1/19 96,100 Factory Utilities 30,500

Finished Goods Inventory 6/30/20 26,800 Office Utilities Expense 9,550

Work in Process Inventory 7/1/19 25,200 Sales Revenue 556,300

Work in Process Inventory 6/30/202 7,500 Sales Discounts 5,000

Direct Labor 148,650 Plant Manager's Salary 65,000

Indirect Labor 24,560 Factory Property Taxes 9,710

Accounts Receivable 35,400 Factory Repairs 2,400

Raw Materials Purchases 98,400

Cash 35,800

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

Prepare an income statement through gross profit.

Prepare the current assets section of the balance sheet at June 30, 2020. (List Current Assets in order of liquidity.)