The following data were taken from the records of FlexsteelManufacturing Company for the year ended May 31, 2016.
Raw Materials | | Factory Insurance | $7,000 |
Inventory 6/1/15 | $47,000 | Factory Mach-Depreciation | 4,000 |
Raw Materials | | Plant Manager’s Salary | 30,000 |
Inventory 5/31/16 | 44,000 | Factory Utilities | 12,900 |
Finished Goods | | Operating Expenses | 100,000 |
Inventory 6/1/15 | 85,000 | Sales Revenue | 475,000 |
Finished Goods | | Sales Discounts | 2,500 |
Inventory 5/31/16 | 77,000 | Short-term investments | 5,000 |
Work in Process | | Factory Property Taxes | 6,000 |
Inventory 6/1/15 | 9,500 | Factory Repairs | 1,000 |
Work in Process | | Raw Materials Purchases | 67,500 |
Inventory 5/31/16 | 8,000 | Cash | 28,000 |
Direct Labor | 145,000 | Prepaid Expenses | 2,000 |
Indirect Labor | 18,000 | Accounts Receivable | 27,000 |
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Instructions
(a) Prepare a cost of goodsmanufactured schedule. (Assume all raw materials used were directmaterials.)
(b) Prepare an entire income statementthrough net income .
(c) Prepare the current asset section of the balance sheet atMay 31, 2016.
