Example 3. Luther Manufacturing Company has the following data at June 30, 2005: Raw materials...
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Example 3. Luther Manufacturing Company has the following data at June 30, 2005: Raw materials inventory, June 1 $ 13,800 Work in process inventory, June 1 18.100 Finished goods inventory, June 1 43,500 Total manufacturing costs (RMU+ DL +OVH) 500,000 Sales 590,000 Work in process inventory, June 30 30,400 60.200 Finished goods inventory, June 30 Raw materials inventory, June 30 18,000 Instructions: (a) Prepare an income statement through gross profit for the month of June. Indicate the balance sheet presentation of the June 30 inventories. (b)
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