Problem 15 Check course schedule for due date. Use the working papers provided. The following data were...

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Accounting

Problem 15 Check course schedule for duedate. Use the working papers provided.
The following data were taken from the records of FlexsteelManufacturing Company for the year ended August 31, 2019.
Raw Materials Inventory 9/1/18
$60,000
Factory Property Taxes
$8,000
Raw Materials Inventory 8/31/19
50,000
Factory Repairs
4,000
Finished Goods Inventory 9/1/18
100,000
Raw Materials Purchases
100,000
Finished Goods Inventory 8/31/19
95,000
Accounts Receivable
30,000
Work in Process Inventory 9/1/18
15,000
Sales Revenue
775,000
Work in Process Inventory 8/31/19
10,000
Sales Discounts
6,000
Direct Labor
180,000
Cash
50,000
Indirect Labor
22,000
Prepaid expenses
      3,000
Factory Insurance
7,000
Operating expenses
  200,000
Factory Mach-Depreciation
9,000
Income tax expense
5,000
Plant Manager’s Salary
46,000
Interest expense
1,000
Factory Utilities
17,000
Instructions
(a) Prepare a cost of goods manufactured schedule. (Assume allraw materials used were   direct materials.)
(b) Prepare an entire income statementthrough net income for the year endedAugust 31, 2019.
(c) Prepare the current asset section of the balance sheet atAugust 31, 2019.

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a Flex steel Manufacturing Company Schedule of Cost of Goods Manufactured For the year Ended August 312019 Accounts Amount Amount Raw Materials Inventory 9118 60000 Add Raw Materials Purchases 100000 Less Raw Material Inventory 83119 50000 Raw Material used in Production 110000 Add Direct Labor 180000 Factory See Answer

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Problem 15 Check course schedule for due date. Use the working papers provided. The following data were...

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Accounting

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Raw Materials Inventory 9/1/18	$60,000	Factory Property Taxes	$8,000
Raw Materials Inventory 8/31/19	50,000	Factory Repairs	4,000
Finished Goods Inventory 9/1/18	100,000	Raw Materials Purchases	100,000
Finished Goods Inventory 8/31/19	95,000	Accounts Receivable	30,000
Work in Process Inventory 9/1/18	15,000	Sales Revenue	775,000
Work in Process Inventory 8/31/19	10,000	Sales Discounts	6,000
Direct Labor	180,000	Cash	50,000
Indirect Labor	22,000	Prepaid expenses	3,000
Factory Insurance	7,000	Operating expenses	200,000
Factory Mach-Depreciation	9,000	Income tax expense	5,000
Plant Manager’s Salary	46,000	Interest expense	1,000
Factory Utilities	17,000